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Present value of an ordinary annuity

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Jason has $3,603.65 in credit card debt. The annual interest rate on the unpaid balance is 19.4% 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.)

Reference no: EM132564802

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