Michele has a credit card with an APR of 28.99% and a current balance of $12,357.62. She wants to pay it off in 4 years. What will Michele’s monthly payment be? (Remember a credit card is compounded monthly.) Round to the nearest dollar.
Michele has a credit card with an APR of 28.99% and a current balance of $12,357.62. She wants to pay it off in 4 years. What will Michele’s monthly payment be? (Remember a credit card is compounded monthly.) Round to the nearest dollar.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 31P
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Michele has a credit card with an APR of 28.99% and a current balance of $12,357.62. She wants to pay it off in 4 years. What will Michele’s monthly payment be? (Remember a credit card is compounded monthly.) Round to the nearest dollar.
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