Question
John has a credit card with a balance of $5,000 and an interest rate of 18% per year. He wants to pay off the balance
John has a credit card with a balance of $5,000 and an interest rate of 18% per year. He wants to pay off the balance in 3 years, and he can afford to make monthly payments of $200. Assuming the interest is compounded monthly, how much interest will he pay over the 3 years, and what will be the total cost of paying off the credit card?
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Personal Finance
Authors: Jeff Madura, Hardeep Singh Gill
4th Canadian edition
134724712, 134724713, 9780134779782 , 978-0134724713
