Unfortunately you were just the victim of identity theft. Although the criminals maxed out your credit card to $20,000, you are able to fight the charges and have them removed. If you had not been so lucky, how long would you be paying on the fraudulent charges assuming a $200 minimum payment and a 15.03% annual percentage rate?
A) 65.24 years
B) 65.24 months
C) 30 years
D) 15 years
E) 1.25 years
A) 65.24 years
Explanation: PMT - (-)$200.00
I/Y - 15.03/12 = 1.2525
FV - $20,000.00
CPT - N = 65.24
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