Home / Expert Answers / Accounting / jason-has-3-505-65-in-credit-card-debt-the-annual-interest-rate-on-the-unpaid-balance-is-18-4-com-pa557

(Solved): Jason has $3,505.65 in credit card debt. The annual interest rate on the unpaid balance is 18.4% com ...



Jason has $3,505.65 in credit card debt. The annual interest rate on the unpaid balance is 18.4% compounded monthly. If Jason wants to pay off his credit card debt in 2 years, what is his monthly payment, assuming he makes no additional purchases on this card? (Suggestion: Use the formula for the present value of an ordinary annuity. Round your answer to the nearest cent.)



We have an Answer from Expert

View Expert Answer

Expert Answer


To find the monthly payment, we need to first calculate the present value of the annuity, which is the total value of all of the monthly payments that
We have an Answer from Expert

Buy This Answer $5

Place Order

We Provide Services Across The Globe