You have $3,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? each month

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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You have $3,000 on a credit card that charges a 18%
interest rate. If you want to pay off the credit card in 3
years, how much will you need to pay each month
(assuming you don't charge anything new to the card)?
each month
Transcribed Image Text:You have $3,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? each month
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