Mason owes $6,700 on his credit card. The bank charges an annual interest rate of 12%, compounded monthly. If Mason wants to pay off his credit card using equal monthly payments over the next 13 months, what would the monthly payment be, to the nearest dollar?

Mason owes $6,700 on his credit card. The bank charges an annual interest rate of 12%, compounded monthly. If Mason wants to pay off his credit card using equal monthly payments over the next 13 months, what would the monthly payment be, to the nearest dollar?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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