You have $5,000 on a credit card that charges 19% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month ( assuming you don't charge anything new to the card)
You have $5,000 on a credit card that charges 19% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month ( assuming you don't charge anything new to the card)
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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You have $5,000 on a credit card that charges 19% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month ( assuming you don't charge anything new to the card)?
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