Problemyou decide to pay off your current credit card, Ask an Expert

Finance

Problem:

You decide to pay off your current credit card balance of $12,000 in 36 months from now. You will add no new spending on the card. You are being charged 18% APR, compounded monthly, on the unpaid balance.

Required:

Question 1: What monthly payment amount do you need to make to pay off this balance in 36 months from now? Please present complete computation and also provide full description.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91146612

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