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
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
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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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