You have $5,000 on a credit card that charges a 22% interest rate. If you want...

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You have $5,000 on a credit card that charges a 22% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? tA each month You have $5,000 on a credit card that charges a 22% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)? tA each month

Answer rating: 100% (QA)

Solution We can use the following formula M PX 12 wheree Monthly payment Preincipal amount ... View the full answer