Present value problem, You charged $2400 on your credit

Present value problem

Reference no: EM1327858

You charged $2400 on your credit card for holiday gifts. Your credit card company charges you 8% annual interest, compounded monthly. If you make the minimum payments of $75 per month, how long will it take (to the nearest month) to pay off your balance?

Answer

80 months
48 months
24 months
36 months

Reference no: EM1327858

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