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16-03-2020
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Thom owes $7,400 on his credit card. The credit card carries an APR of 18.5 percent compounded monthly. If Thom makes monthly payments of $230 per month, how long will it take for him to pay off the credit card assuming that he makes no additional charges

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hamzafarooqi188 hamzafarooqi188

20-03-2020

Answer:

it will take 44.79 months for him to pay off the credit card assuming that he makes no additional charges

Explanation:

NPER(18.5%/12,-230,7400)=44.79 months

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