Math Problem Statement
Consider a credit card with a balance of $6000 and an APR of 16.99% . In order to pay off the balance in 1 year, what monthly payment would you need to make? Round your answer to the nearest cent, if necessary.
Solution
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Math Problem Analysis
Mathematical Concepts
Interest Calculation
Amortization
Formulas
Monthly Payment Formula for Amortizing Loans
Theorems

Suitable Grade Level
High School
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