You have $4,000 on a credit card that charges a 12% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? $ 64.49 x each month Question Help: Video Message instructor Submit Question

Elementary Algebra
17th Edition
ISBN:9780998625713
Author:Lynn Marecek, MaryAnne Anthony-Smith
Publisher:Lynn Marecek, MaryAnne Anthony-Smith
Chapter3: Math Models
Section3.2: Solve Percent Applications
Problem 3.43TI: Sean’s new car loan statement said he would pay $4,866.25 in interest from an interest rate of 8.5%...
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You have $4.000 on a credit card that charges a 12% interest rate. If you want to pay off the credit card in
4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
$ 64.49
x each month
Question Help: Video Message instructor
Submit Question
Transcribed Image Text:You have $4.000 on a credit card that charges a 12% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? $ 64.49 x each month Question Help: Video Message instructor Submit Question
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