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What monthly payment must he make to pay off

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Reference no: EM133162687

Question - A new employee charged $5490 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 4 years using automatic payments sent at the end of each month.

a. What monthly payment must he make to pay off the account at the end of 4 years?

b. How much total interest will he have paid?

Reference no: EM133162687

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