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(Solved): A landscape architect accrued $7,890.36 in credit card debt. If the architect makes a monthly paymen ...



A landscape architect accrued $7,890.36 in credit card debt. If the architect makes a monthly payment of $600 (and makes no additional charges on the account), how many months will it take to repay the debt if the annual interest rate on the credit card is 19.8%? (Round your answer up to the nearest month.)



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Solution. Here loan payments are in annuity form, Present value = $7890.3
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