Business, 21.09.2020 02:01 kadence428
Like many college students, Susan applied for and got a credit card that has an annual percentage rate (APR) of 18%. The first thing she did was buy a new DVD player for $350. At the end of the month, her credit card statement said she only needed to make a minimum monthly payment of $10. Assume Susan makes her payment when she sees her statement at the end of each month. If Susan doesn't charge anything else and only makes the minimum monthly payments, approximately how many months would it take her to completely pay off the DVD player? Assume that the credit card company compounds interest at the end of each month.
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