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

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.

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