Question
Use PMT=Prn11+rnnt to determine the regular paymentamount, rounded to the nearest dollar. Your credit card has a balance of $3000 and an annual interest rate
Use PMT=Prn11+rnnt to determine the regular paymentamount, rounded to the nearest dollar. Your credit card has a balance of $3000 and an annual interest rate of 14%. You decide to pay off the balance over two years. If there are no further purchases charged to thecard,
a. How much must you pay eachmonth?
b. How much total interest will youpay?
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Stochastic Calculus And Applications
Authors: Samuel N Cohen, Robert J Elliott
2nd Edition
1493928678, 9781493928675
