Your credit card charges an interest rate of 1.5% per month on the monthlybalance outstanding. You have a current balance of $15,000 which you want topay off. If you can only afford to pay off $900 per month the balance on yourcredit card at the end of one year will be closest to:O $17,934.$6,197.$11,737.O $8,803.

Balance at the end of the year = PV×(1+r)t-PMT×(1+r)t-1r Where, PV = Credit card balance r= rate…

Your credit card charges an interest rate of 1.5% per month on the monthly palance outstanding. You have a current balance of $15,000 which you want to bay off. If you can only afford to pay off $900 per month the balance on your credit card at the end of one year will be closest to: o $17,934. O $6,197. O $11,737. O $8,803.

Your credit card charges an interest rate of 1.5% per month on the monthly palance outstanding. You have a current balance of $15,000 which you want to bay off. If you can only afford to pay off $900 per month the balance on your credit card at the end of one year will be closest to: o $17,934. O $6,197. O $11,737. O $8,803.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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