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Engineering Economy (7th Edition)

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Chapter: CH4

Problem: 35

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Many college students have Visa credit cards that carry an interest rate off simple 24% per year (that is, 2% per month).
When the balance on such a card is $5000, the minimum payment is $110.25.
(a) What is the amount off interest in the rst payment?

(b) How long will it take, in months, to pay o

the balance, iff the cardholder continues to make payments off $110.25 per
month and adds no other charges to the card?

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Corresponding Textbook

Engineering Economy | 7th Edition

ISBN-13:

9780077418342

ISBN:

0077418344

Authors:

Anthony Tarquin, A Tarquin, Leland

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primary ISBN for:
f Engineering
Economy 7th Edition Textbook
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Solutions ffor Problems in Chapter 4

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