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15 November, 10:38

Thom owes $7,400 on his credit card. The credit card carries an APR of 18.5 percent compounded monthly. If Thom makes monthly payments of $230 per month, how long will it take for him to pay off the credit card assuming that he makes no additional charges

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  1. 15 November, 13:42
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    it will take 44.79 months for him to pay off the credit card assuming that he makes no additional charges

    Explanation:

    NPER (18.5%/12,-230,7400) = 44.79 months
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