You make your first purchase on your new credit card at the grocery store totaling $300. If you paid the $10 minimum payment at 19.99% APR, how long would you be paying for this grocery bill?

A) 24.53 years
B) 3 months
C) 3 years
D) 24.53 months
E) 24.53 weeks


A) 24.53 years
Explanation: PMT - (-)$10.00
I/Y - 19.99/12 = 1.6658
PV - $300.00
CPT - N = 24.53

Business

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