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The problem asks you to calculate the monthly payment required to pay off a credit card balance of $6,500 with an Annual Percentage Rate (APR) of 15.99% over 1 year. 

We will use the formula for calculating the monthly payment on a loan or balance with interest:

\[
M = \frac{P \times r}{1 - (1 + r)^{-n}}
\]

Where:
- $M$ is the monthly payment,
- $P$ is the loan or balance amount ($6,500),
- $r$ is the monthly interest rate (APR divided by 12),
- $n$ is the total number of payments (12 months for 1 year).

Let me calculate this for you.The monthly payment required to pay off the $6,500 balance with an APR of 15.99% over 1 year is approximately **$589.72**.

Would you like more details or have any questions about this calculation?

Here are five related questions you might find useful:
1. How would the monthly payment change if the APR were lower?
2. What if the payment period extended to 2 years? How would that affect the monthly payments?
3. How does compounding interest affect the total payment?
4. How much total interest will be paid over the year?
5. What is the effect of making extra payments on the balance?

**Tip:** Always double-check APRs for any fees or additional costs, as they can impact the total amount paid over time.

Consider a credit card with a balance of $6,500 and an APR of 15.99 %. 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.

Learn how to calculate the monthly payments required to clear a $6,500 credit card balance with an APR of 15.99% within a year using the amortization formula. This tutorial is suitable for college-level students interested in finance and loan management.

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