Assume that you have a balance of $3000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 6% of the balance. What will the balance be after 8 years? (Round your answer to the nearest cent.)
Added by Michael G.
Step 1
The annual interest rate is 12%, so the monthly interest rate is 12% / 12 months = 1%. Show more…
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