(Total Costs and Debt Payoff MC)
A borrower-owes $5,675 on a credit card with a 22.4% interest rate compounded monthly. What monthly payment should be made in
order to pay off this debt in 12 months, assuming there are no more purchases with the card?
A spreadsheet was used to calculate the correct answer. Your answer may vary slightly depending on the technology used.
O$481.74
O$532.24
3544.57
$536.66