Assume that you have a balance of $3400 on your credit card and that you make no more charges. Assume that the credit card charges 12% APR and that each month you make only the minimum payment of 5% of the balance. What is your 37th payment? (Round your answer to the nearest cent.)
Assume that you have a balance of $3400 on your credit card and that you make no more charges. Assume that the credit card charges 12% APR and that each month you make only the minimum payment of 5% of the balance. What is your 37th payment? (Round your answer to the nearest cent.)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter6: Using Credit
Section: Chapter Questions
Problem 8FPE
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