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The balance on Joe s credit card bill is $ 8 , 0 0 0 . Payments are made monthly, but interest is compounded daily.

The balance on Joe

s credit card bill is $

8, 000 .

Payments are made monthly, but interest is compounded daily. The stated APR is

18 % .

Joe has since cut up this credit card and wishes to pay off the balance in

5

years. What should his monthly payment be to reach

his goal?

Please explain how to solve using a BA II calculator if possible and include the final answer.

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