BUSN 5200 QD F2 2022: Number of Annuity Payments Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt?
Posted: December 21st, 2022
Number of Annuity Payments Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt. If she can pay $200 each month and the card charges 17 percent APR (compounded monthly), how long will it take her to pay off the debt?
35.00 months
28.63 months
47.71 months
48.68 months
PV = 7000, I = 17/12 = 1.416667, FV = 0, PMT = -200, CPT N = 48.68
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