Again consider Problem 12 above. Now assume that each month you charge $105. Determine what monthly payment p will pay off the card in
a. Two years
b. Four years
REFERENCE:
12. Your current credit card balance is $12,000 with a current rate of 19.9% per year. Interest is charged monthly. Determine what monthly payment p will pay off the card in
a. Two years, assuming no new charges
b. Four years, assuming no new charges
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