Debt - Joey would take approximately 53.93 months.
What is Debt?
An obligation to pay money or another agreed-upon value to a third party, the creditor, is known as a debt. Debt differs from an immediate purchase in that payments are deferred or made in instalments. A sovereign state or nation, a local government, a business, or an individual may be liable for the debt. Contractual provisions governing the sum and schedule of principal and interest repayments typically apply to commercial debt. Debt includes mortgages, bonds, notes, and loans. Debt, as opposed to equity, is a type of financial transaction in financial accounting. The phrase could also be used metaphorically to refer to duties of a moral nature and other interactions without a monetary exchange.
Given : $4,600 in debt can pay $125 each month 18 percent Apr.
An obligation to pay money or another agreed-upon value to a third party, the creditor, is known as a debt. Debt differs from an immediate purchase in that payments are deferred or made in instalments.
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