Question 4) Jamal has $2634.28 in credit card debt. The annual interest rate on the unpaid balance is 21.5% compounded monthly. If Jamal wants to pay off his credit card debt in 3 years and makes no additional purchases, what are his monthly payments?
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28 Annual interest rate (r) = 21.5% = 0.215 Compounding frequency (n) = monthly, so n = 12 Time (t) = 3 years Show more…
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