You have $2,000 on a credit card that charges a 17% 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)? Disclaimer: this is treating credit cards as an amortized loan, which they are not. each month

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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**Paying Off Credit Card Debt: An Example**

You have $2,000 on a credit card that charges a 17% 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)?

*Disclaimer: This is treating credit cards as an amortized loan, which they are not.*

**Input Box:**

- $ [_____ ] each month

**Options:**

- Question Help: 
  - [Video] 
  - [Message Instructor]

**Button:**

- [Submit Question]
Transcribed Image Text:**Paying Off Credit Card Debt: An Example** You have $2,000 on a credit card that charges a 17% 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)? *Disclaimer: This is treating credit cards as an amortized loan, which they are not.* **Input Box:** - $ [_____ ] each month **Options:** - Question Help: - [Video] - [Message Instructor] **Button:** - [Submit Question]
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