A bank recently announcedan instant cash plan forholders
Chapter , Problem 4-43(choose chapter or problem)
A bank recently announcedan instant cash plan forholders of its bank credit cards. A cardholder mayreceive cash from the bank up to a preset limit (about$500). There is a special charge of 4% made at thetime the instant cash is sent to the cardholders. Thedebt may be repaid in monthly installments. Eachmonth the bank charges 11/2% on the unpaid balance.The monthly payment, including interest, may be aslittle as$10. Thus, for $150 of instant cash, an ini-tial chargeof$6 is madeand addedto thebalancedue.Assume the cardholder makes a monthly payment of$10 (this includes both principal and interest). Howmany months are required to repay the debt? If youranswerincludesa fraction of a month, round up to thenext month.
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