Calculate the size of the monthly payments

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Reference no: EM133561017

Question: Calculate the size of the monthly payments that a typical undergraduate would need to pay the average credit card debt of ?$1900 over 1 year ?(12 monthly? payments), assuming an annual interest rate of 22.4 percent.? If, instead of having to make that credit card? payment, a new college graduate invested that same amount monthly for 1 year in a mutual fund earning 7 percent on? average, how much would he or she have for retirement if she retained this amount in the account for the next 40 ?years?

Reference no: EM133561017

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