The annual interest rate on credit card is 24.99%. How long will it take to pay off an unpaid balance of RM1485.77 if no new purchases are made and a RM50.00 payments is made each month?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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|(c)
The annual interest rate on credit card is 24.99%. How long will it take to pay off an
unpaid balance of RM1485.77 if no new purchases are made and a RM50.00 payments
is made each month?
|(d)
A family has a RM120000, 20-year mortgage at 6.75% compounded monthly. Find the
monthly payment. Also find the unpaid balance after 10 years.
Transcribed Image Text:|(c) The annual interest rate on credit card is 24.99%. How long will it take to pay off an unpaid balance of RM1485.77 if no new purchases are made and a RM50.00 payments is made each month? |(d) A family has a RM120000, 20-year mortgage at 6.75% compounded monthly. Find the monthly payment. Also find the unpaid balance after 10 years.
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