You have $3,500 on a credit card that charges a 16% 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

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 26E
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You have $3,500 on a credit card that charges a 16% 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
%24
Transcribed Image Text:You have $3,500 on a credit card that charges a 16% 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 %24
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