3) Present Value: Ordinary Annuity You decided to take a nice vacation and put it...
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3) Present Value: Ordinary Annuity You decided to take a nice vacation and put it on your credit card. The total amount was $5,000 and your credit card company charges you 15% interest compounded monthly. (In reality they compound daily, but to simplify the calculations assume it is done monthly). If you want to pay it off in 1 year, how much will your monthly payments need to be? a) Using the formula, determine the monthly payments: b) What is your total interest charged?
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