With only a part-time job and the need for a professional wardrobe, Rachel quickly maxed out her credit card the summer after graduation. With her first full-time paycheck in August, she vowed to pay $300300 each month toward paying down her $ 10 comma 339$10,339 outstanding balance and not to use the card. The card has an annual interest rate of 2222 percent. How long will it take Rachel to pay for her wardrobe? Should she shop for a new card? Why or why not? Note: Round intermediate computations to at least five (5) decimal places.

With only a part-time job and the need for a professional wardrobe, Rachel quickly maxed out her credit card the summer after graduation. With her first full-time paycheck in August, she vowed to pay $300300 each month toward paying down her $ 10 comma 339$10,339 outstanding balance and not to use the card. The card has an annual interest rate of 2222 percent. How long will it take Rachel to pay for her wardrobe? Should she shop for a new card? Why or why not? Note: Round intermediate computations to at least five (5) decimal places.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 89TPC

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With only a part-time job and the need for a professional wardrobe, Rachel quickly maxed out her credit card the summer after graduation. With her first full-time paycheck in August, she vowed to pay $300300 each month toward paying down her $ 10 comma 339$10,339 outstanding balance and not to use the card. The card has an annual interest rate of 2222 percent. How long will it take Rachel to pay for her wardrobe? Should she shop for a new card? Why or why not? Note: Round intermediate computations to at least five (5) decimal places. Question content area bottom Part 1 If Rachel continues to pay $300300 per month, it will take her enter your response here months to pay for her wardrobe. (Round to the nearest month.)
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