# Your neighbor Bill, a liberal arts major who knows little about finance, has financed his college education

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## Question:

Your neighbor Bill, a liberal arts major who knows little about finance, has financed his college education with his Citibank Visa Card. Upon graduation, Bill’s credit card debt is $12,000. If Bill plans to pay off his debt with equal monthly payments for 5 years, and the annual interest rate on his Visa card is 18%, what will be Bill's monthly payment?

a) $125

b) $305

c) $236

d) $267

e) $2,160

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