BUSN 5200 F2 2022: Number of Annuity Payments Joey realizes that he has charged too much on his credit card and has racked up $3,000 in debt. If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?

Posted: December 23rd, 2022

Number of Annuity Payments Joey realizes that he has charged too much on his credit card and has racked up $3,000 in debt. If he can pay $150 each month and the card charges 18 percent APR (compounded monthly), how long will it take him to pay off the debt?

13.03 months

23.96 months

PV = 3000, I = 18/12 = 1.5, FV = 0, PMT = -150, CPT N = 23.96

20.00 months

14.68 months

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