you have 5000 on a credit card that charges a 12 interest rate if you want to pay off the credit

Name: you have 5000 on a credit card that charges a 12 interest rate if you want to pay off the credit card in 5 years how much will you need to pay each month assuming you dont charge anything ne 66091
Uploaded: 2022-07-27T19:09:32-08:00
Duration: 4 min 32 s
Channel: Patrick Rich
Description: you have 5000 on a credit card that charges a 12 interest rate if you want to pay off the credit card in 5 years how much will you need to pay each month assuming you dont charge anything ne 66091

Question

Aparna Shakti · Accepted Answer

First, we need to convert the annual interest rate to a monthly rate. 12% per year is 1% per mon

Question

You have $5,000 on a credit card that charges a 12% interest rate. If you want to pay off the credit card in 5 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

Please give Ace some feedback