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You have $2,500 on a credit card that charges a 20% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don't charge anything new to
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You have $2,500 on a credit card that charges a 20% interest rate. If you want to pay off the credit

card in 5 years, how much will you need to pay each month (assuming you don't charge anything
new to the card)?

User RichieRock
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8.0k points

1 Answer

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Assuming that the interest rate is compounded monthly, you will need to pay $51.20 each month for 5 years in order to pay off the credit card…
User Karlosss
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7.9k points
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