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What must first payment be

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A recent graduate of the university has gotten into a little more credit card debt than he had anticipated. He currently owes 22,000; the credit card company charges him 1.5% per month on this debit.

He wishes his payment to start small, then increase; the first payment will still come in one month's time. If he wishes his payments to grow at .5% per month and pay debt in 5years of monthly payments, what must his first payment be?

Reference no: EM132753918

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