You owe $5,000 on your credit card and you can pay the following monthly payments: Month 1
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Question:
You owe $5,000 on your credit card and you can pay the following monthly payments:
Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
Payment | 500 | 550 | 600 | 650 | 700 | 750 | 800 | 850 |
IF the credit card company charges an interest rate of 1.5% per month, is this enough to pay off your credit card, and if so, by how much?
Group of answer choicesNo, this cash flow falls short of paying off the credit cardYes, this cash flow exceeds the balance by $320Yes, this cash flow will pay off the credit card with $23.75 remainingNo, this will only pay off $4,793.63 of the credit card
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