Question

ti of 1 Question 5 of 10 5Points You have $4,500 on a credit card that charges a 17% interest rate. If you want to pay off th

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Ans $ 129.85 each month

P = Regular Payments
PV = Loan Amount
r = rate of interest
n = no of periods
P = r (PV)
1 - (1 + r )-n
P = (17%/12)*4500
1 - (1 / (1 + 17%/12)^48))
P = 63.75
0.49095983
P = 129.85
Add a comment
Know the answer?
Add Answer to:
ti of 1 Question 5 of 10 5Points You have $4,500 on a credit card that charges a 17% interest rate. If you want to p...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT