You have a balance of $500 on your credit card and make no more charges. assume the card carries an apr of 19%. suppose you want to pay off the card in six months by making equal payments each month. what is your monthly payment?

The monthly payment would be $ 87.76

Step-by-step explanation:

Since, the monthly payment formula of a loan,

Where,

PV = present value of the loan,

r = annual rate of interest,

n = number of months,

Here, PV = 500, r = 18% = 0.18, t = 6 months,

Hence, the monthly payment,

  ( using calculator )

42.4

step-by-step explanation:

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