You have $3,000 on a credit card that charges a 20% 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

You have $3,000 on a credit card that charges a 20% 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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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Vijay

You have $3,000 on a credit card that charges a 20% 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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