BUSN 5200 F2 2022: Number of Annuity Payments Phoebe realizes that she has charged too much on her credit card and has racked up $10,000 in debt. If she can pay $300 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt?

Posted: December 23rd, 2022

Number of Annuity Payments Phoebe realizes that she has charged too much on her credit card and has racked up $10,000 in debt. If she can pay $300 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt?

33.33 months

27.23 months

46.56 months

PV = 10000, I = 18/12 = 1.5, FV = 0, PMT = -300, CPT N = 46.56

69.70 months

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