You have a balance of $5,390 on your credit card. The interest rate is 15% per year. You want to make equal monthly payment for the next 4 years to completely pay off the balance. Assume no other purchases or payments other than your calculated plan. What must be the amount of your monthly payment?When you calculate the PV of a perpetuity or annuity, if the first annual payment occurs on your 54th birthday, as of what birthday is the PV?

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To calculate the monthly payment needed to pay off the credit card balance over four years we can ... View the full answer