SOLUTION: You have $3,000 on a credit card that charges a 23% 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 1163469: You have $3,000 on a credit card that charges a 23% 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)?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

is the monthly payment

is the original principal amount

is the interest rate per payment period expressed as a decimal. You have to divide your annual interest rate by 12 to get monthly. 23% is 0.23, then divide by 12.

is the number of payments. 12 per year times 3 years.

Plug in the numbers and then do the arithmetic.

John

My calculator said it, I believe it, that settles it

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