You have $2,500 on a credit card that charges a 20% 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)? Disclaimer: this is treating credit cards as an amortized loan, which they are not. S each month
You have $2,500 on a credit card that charges a 20% 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)? Disclaimer: this is treating credit cards as an amortized loan, which they are not. S each month
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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i keep trying to do this and it says the answer i’m getting is wrong, i really need help
Transcribed Image Text:You have $2,500 on a credit card that charges a 20% 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)?
Disclaimer: this is treating credit cards as an amortized loan, which they are not.
S
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