Mary recently received a credit card with a nominal interest rate of 17 percent. With the card, she purchased some new clothes for $275. The minimum payment on the card is only $10 per month. If Mary makes the minimum monthly payment and makes no other charges, how long will it be before she pays off the card?

Mary recently received a credit card with a nominal interest rate of 17 percent. With the card, she purchased some new clothes for $275. The minimum payment on the card is only $10 per month. If Mary makes the minimum monthly payment and makes no other charges, how long will it be before she pays off the card?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 24PROB

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