You have maxed out your $10,000 credit card, which is being charged 12.8% annual interest compounded daily. What is the minimum monthly payment to continue to break even? How much should you pay each week to get out of debt within one year?

You have maxed out your $10,000 credit card, which is being charged 12.8% annual interest compounded daily. What is the minimum monthly payment to continue to break even? How much should you pay each week to get out of debt within one year?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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You have maxed out your $10,000 credit card, which is being charged 12.8%

annual interest compounded daily. What is the minimum monthly payment to continue to break even? How much should you pay each week to get out of debt within one year?

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