Credit card interest
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Your credit card has a balance of $3600 and an annual interest rate of 18%. You decided to pay off the balance over four years. If there are no further purchases charged to the card,
a. how much must you pay each month?
b. how much total interest will you pay
a. the monthly payments are approximately$ ?
b. the total interest paid over 4 years is approximately ? round to the nearest dollar.
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Solution Summary
This is a series of problems regarding interest and credit card payments.
Solution Preview
The balance is $3600 and the annual interest rate is 18%, which is equal to 18%/12 = 0.015 monthly rate.
Suppose you need to pay x dollars each month. We have the ...
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