Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 19% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely. 1.What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years? 2.What will be the total interest paid?
Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 19% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely. 1.What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years? 2.What will be the total interest paid?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 24PROB
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QUESTION 4
Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 19% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely.
1.What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years?
2.What will be the total interest paid?
Transcribed Image Text:QUESTION 4
Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his
credit card charges 19% interest compounded monthly. He is getting worried about his debt and is determined to pay it
off completely .
What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years?
What will be the total interest paid?
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Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 21% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely.
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