You have $2,000 on a credit card that charges a 18% 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)? each month $

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 $2,000 on a credit card that
charges a 18% 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)?
each month
$
Transcribed Image Text:You have $2,000 on a credit card that charges a 18% 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)? each month $
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