Again, consider Problem 12 above. Now assume that each month you charge $105. Determine what monthly payment

Question:

Again, consider Problem 12 above. Now assume that each month you charge $105. Determine what monthly payment p will pay off the card in:

a. Two years.

b. Four years.

Data from problem 12

Your current credit card balance is $12,000 with a current rate of 19.9% per year.  Interest is charged monthly. Determine what monthly payment p will pay off the card in.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

A First Course In Mathematical Modeling

ISBN: 9781285050904

5th Edition

Authors: Frank R. Giordano, William P. Fox, Steven B. Horton

Question Posted: