Quentin has been using his credit card too much his plan is, Ask an Expert

Economics

Quentin has been using his credit card too much. His plan is to use only cash until the balance of $8,574 is paid off. The credit card company charges 18% interest, compounded monthly. What is the effective interest rate? How much interest will he owe in the first month's payment? If he makes monthly payments of $225, how long until it is paid off?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91721656

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