Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You have a balance of $5,000.00 on your credit card, which charges an interest rate of 1.4% per month. Looking at your budget, you figure
You have a balance of $5,000.00 on your credit card, which charges an interest rate of 1.4% per month. Looking at your budget, you figure you can make the following payments: Year 1 2 3 4 5 6 7 8 Payment ($) 575 630 685 740 795 850 905 960 Will they be enough to pay off your credit card? The present value of your payments is (Round to the nearest cent.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started