You have $3,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? each month

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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You have $3,000 on a credit card that charges a 18%
interest rate. If you want to pay off the credit card in 3
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 $3,000 on a credit card that charges a 18% interest rate. If you want to pay off the credit card in 3 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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