Mike has a credit card balance of $30,000. The annual interest rate is 17%. He is required to pay a minimum of 4% of the outstanding balance, but never less than $50. If Mike wants to pay off the balance in 9 years, how much extra must He pay every month?
Mike has a credit card balance of $30,000. The annual interest rate is 17%. He is required to pay a minimum of 4% of the outstanding balance, but never less than $50. If Mike wants to pay off the balance in 9 years, how much extra must He pay every month?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 19PROB
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