You have $4,000 on a credit card that charges a 14% interest rate. If you want...

You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

Expert Solution

Using financial calculator
N=12*4
PV=-4000
FV=0
I/Y=14%/12
CPT PMT=109.31

Monthly payments are 109.31

jeff jeffy answered 2 years ago

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