You owe $25 000 on a credit card that charges 1.5% interest each month. You can pay $2 500 each month with no new charges. What is the equilibrium value? What does the equilibrium value mean in terms of the credit card? Build a numerical solution. When will the account be paid off? How much is the last payment?

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 23E
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You owe $25 000 on a credit card that charges 1.5% interest each month. You can pay $2 500 each month with no new charges. What is the equilibrium value? What does the equilibrium value mean in terms of the credit card? Build a numerical solution. When will the account be paid off? How much is the last payment?

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