You have a balance of $5,000 on your credit card, which charges an interest rate of...

 

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You have a balance of $5,000 on your credit card, which charges an interest rate of 1.5% per month. Looking at your budget, you figure you can make the following payments. Will they be enough to pay off your credit card? Month Payment (Select from the drop-down menus.) The present value of your payments is 1 $560 2 $595 3 $630 the amount of the loan, so you will ... 4 $665 be able to pay off the loan. will not 5 $700 6 $735 7 $770 8 $805 You have a balance of $5,000 on your credit card, which charges an interest rate of 1.5% per month. Looking at your budget, you figure you can make the following payments. Will they be enough to pay off your credit card? Month Payment (Select from the drop-down menus.) The present value of your payments is 1 $560 larger than smaller than equal to 2 $595 the amount of the loan, so you 3 $630 ... 4 $665 be able to pay off the loan. 5 $700 6 $735 7 $770 8 $805 You have a balance of $5,000 on your credit card, which charges an interest rate of 1.5% per month. Looking at your budget, you figure you can make the following payments. Will they be enough to pay off your credit card? Month Payment (Select from the drop-down menus.) The present value of your payments is 1 $560 2 $595 3 $630 the amount of the loan, so you will ... 4 $665 be able to pay off the loan. will not 5 $700 6 $735 7 $770 8 $805 You have a balance of $5,000 on your credit card, which charges an interest rate of 1.5% per month. Looking at your budget, you figure you can make the following payments. Will they be enough to pay off your credit card? Month Payment (Select from the drop-down menus.) The present value of your payments is 1 $560 larger than smaller than equal to 2 $595 the amount of the loan, so you 3 $630 ... 4 $665 be able to pay off the loan. 5 $700 6 $735 7 $770 8 $805

Answer rating: 100% (QA)

Determine whether the given payments will be enough to pay off your credit card Given Initial balance on your credit card 5000 Interest rate per month ... View the full answer