Number of Annuity Payments Joey Realizes That He Has Charged

question 96

Multiple Choice

Number of Annuity Payments Joey realizes that he has charged too much on his credit card and has racked up $4,000 in debt.If he can pay $200 each month and the card charges percent 20 APR (compounded monthly) ,how long will it take him to pay off the debt?

• A)17.40 months
• B)20.00 months
• C)24.04 months
• D)24.53 months

---

Definitions:

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

Economically Developed

Refers to countries or regions with high levels of economic growth, industrial activity, and standard of living.

Hierarchical Social Network

A social network structured in levels of hierarchy where positions or ranks determine interaction patterns and influence distribution among members.

Item Response Theory

A theory and approach in psychometrics that models the relationship between individuals' abilities or traits and their item responses, emphasizing the probability of a discrete outcome.