You decide to quit using your credit card and want to pay off the balance of $7,400 in 5 years. Your interest rate is 18.6% compounded monthly. What will your monthly payments be? $ How much interest do you pay? $

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section7.7: Writing Exponential Functions
Problem 8CYU
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You decide to quit using your credit card and want to pay off the balance of
$7,400 in 5 years. Your interest rate is 18.6% compounded monthly.
What will your monthly payments be?
$
How much interest do you pay?
$
Transcribed Image Text:You decide to quit using your credit card and want to pay off the balance of $7,400 in 5 years. Your interest rate is 18.6% compounded monthly. What will your monthly payments be? $ How much interest do you pay? $
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