SOLUTION: You have $4,500 on a credit card that charges a 17% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't c

Question 1121952: You have $4,500 on a credit card that charges a 17% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
$
each month
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
best estimate i can give you without actually knowing exactly how the banks charge interest would be 160.44 at the end of each month for 36 months.

this is based on the use of the following financial calculator that calculates the monthly payments on a loan of 4500 for 36 months at an interest rate of 17/12 per month.

https://arachnoid.com/finance/

you make the following inputs.

present value = 4500
future value = 0
number of monthly time periods = 3 * 12 = 36
interest rate percent per month = 17/12 = 1.416667
paymenta are made at the end of each month.

click on pmt and the calculator tells you that the monthly payment are -160.44.

present value is positive because it's mo payment is negative because it's money you pay out.

here's the result of my use of this calculator.

$$$

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