Consider a credit card with a balance of $8500 and an apr of 15.99%. in order to pay off the balance in 3 years, what monthly payment would you need to make?

The monthly payment which need to make is $ 151.305

Step-by-step explanation:

Given as :

The balance in credit card = $ 8500

The annual rate = 15.99 %

The time period = 3 years

From compounded method

Amount = Principal × ( )

Or, 8500 = p  × ( )

or, 8500 = p × (1.1599)³

or, 8500 = p × 1.56049

∴ p  =

I.e p = 5447.007

Now The months in 3 years = 3 × 12 = 36 months

So ,  The monthly payment = = $ 151.305

Hence The monthly payment which need to make is $ 151.305  Answer

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step-by-step explanation:

step-by-step explanation:

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