Math Problem Statement
have 10,900 in credit card with an interest rate of 9.99 percent as of September 2024. I make 800 dollars monthly payments. how much will i owe by the end of 2024
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Loan Repayment
Formulas
Remaining balance = (Previous balance - Payment) * (1 + Monthly interest rate)
Monthly interest rate = Annual interest rate / 12
Theorems
Compound Interest Formula
Suitable Grade Level
Grades 9-12
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