Quentin has been using his credit card too much. Hisplan
Chapter , Problem 4-98(choose chapter or problem)
Quentin has been using his credit card too much. Hisplan is to use only cash until the balance of $8574is paid off. The credit card company charges 18%interest, compounded monthly. What is the effec-tive interest rate? How much interest will he owein the first months payment? If he makes monthlypayments of $225, how long until it is paid off?
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