Make no other purchases with the card

Assignment Help Financial Management

Reference no: EM132000820

Assume that you have a credit card that charges 17% interest annually with a minimum payment of 2% each month. If you have a balance of $5,000, you pay the minimum payment each month, and you make no other purchases with the card, what is your balance after 1 year? After 2 years? After 5 years?

(Please show every step. No excel work)

Reference no: EM132000820

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