You have $2,000 on a credit card that charges a 18% 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)? each month $

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 3PA: Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate...
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You have $2,000 on a credit card that
charges a 18% 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)?
each month
$
Transcribed Image Text:You have $2,000 on a credit card that charges a 18% 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)? each month $
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