You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit card in 4 years, how much will need to pay each month (assuming you don't charge anything new to the card)? you

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
Please
4.4 Consumer Credit OPEN
la
ITEMS
INFO
3.
Try again
<Previous
Your answer is incorrect.
You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit card in 4 years, how much will you
need to pay each month (assuming you don't charge anything new to the card)?
94.83
Answers Attempt 4 of 4
Answer
Score
94.83
0/1
0/1
11:05 PM
A dx
3/18/2021
Transcribed Image Text:4.4 Consumer Credit OPEN la ITEMS INFO 3. Try again <Previous Your answer is incorrect. You have $5,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? 94.83 Answers Attempt 4 of 4 Answer Score 94.83 0/1 0/1 11:05 PM A dx 3/18/2021
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Environmental Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education