Answered: Aretha ran up $38,800 on her credit…

Aretha ran up $38,800 on her credit card, which charges 13.95%. If she decides to cut up her card and pay it off in 5 years, how much will she have to pay 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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Question

$7,760.00

$798.46

$901.80

$38,800.00

Aretha ran up $38,800 on her credit card, which charges 13.95%. If she decides to cut up her card and pay it off in 5 years, how much will she have
to pay each month?
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