If you have credit card balances at a 31.99% rate, how many months at that rate is it before the stuff you bought on that credit card costs you twice as much as it did originally?
(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)
Answer to 11-8-2010 problem:
N= 81.12 (I=8, PV=25000 PMT= -400, FV=0)