Jesse owes $8,473 on a credit card with a 21.5% interest rate. What is the monthly payment he should make to pay off this debt in 12 months, assuming he does not charge any more purchases with the card?
You can use an online credit card calculator in computing the monthly payment. Refer to the attachment for the answer and graph. The given are the following: balance - 8,473; interest rate - 21.5%; months - 12. The answer is the third option - you'll need to pay $790.99 every month for 12 months.
