How many months will take dennis to pay off his credit card

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(Non annual compounding using a calculator) Dennis Rodman has a $5,000 debt balance on his Visa card that charges 10. 7 percent compounded monthly. Dennis's current minimum monthly payment is 5 percent of his debt balance, which is $250. How many months (round up) will it take Dennis to pay off his credit card if he pays the current minimum payment of $250 at the end of each month?

How many months will it take Dennis to pay off his credit card?

Reference no: EM13729540

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