Homework:Unit 6 Lab Assignment
Question 4, P6-39 (similar to)
Part 1 of 2
HW Score: 57.92%, 11.58 of 20 points
Points: 0 of 1
Save
Question content area top
Part 1
​(Annuity payments) Calvin Johnson has a
​$4,500
debt balance on his Visa card that charges
16.1
percent APR compounded monthly. In​ 2009, Calvin's minimum monthly payment is
3
percent of his debt​ balance, which is
​$135.
How many months​ (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of
$135
at the end of each​ month? In​ 2010, as the result of a federal​ mandate, the minimum monthly payment on credit cards rose to
4
percent. If Calvin made monthly payments of
​$180
at the end of each​ month, how long would it take to pay off his credit​ card?
a. If Calvin made monthly payments of
​$135
at the end of each​ month, how long would it take to pay off his credit​ card???
enter your response here
months ​(Round up to the nearest​ unit.)
b. ???
C.??
**please post calcualtions