Answer to Question #83361 in Financial Math for landin rutledge

Question #83361
1. Repaying Credit Card Debt.
Your credit card has a balance of $12,300. You decide to quit using your credit
card. Your interest rate (NAR, also called APR) is
19.7% compounded monthly. Show all work needed to answer
the following questions. (In all subsequent questions, "APR" means the same as "NAR".)

a. To pay off the credit card in 3 years, what
must your monthly payments be? How much will you pay in interest?
b. Suppose you decide that you can only afford to pay $300 per month on your debt. How long will it take to pay off your credit card debt?
1
Expert's answer
2018-11-28T13:31:45-0500
Dear landin rutledge, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order

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