Jeff has a balance of $2,513.77 on his credit card. he would like to pay off his card over the course of a year and a half by making identical monthly payments. the apr on his card is 10.66%, compounded monthly. assuming that jeff makes no additional purchases with his card, how much will he have to pay every month to reach his goal? (round all dollar values to the nearest cent.) a. $151.73 b. $162.57 c. $139.65 d. $147.64 select the best answer from the choices provided a b c d

Ans. Jeff has to pay a. $151.73 every month, for 18 months.

Explanation:

Hi, we need to solve for "A" the following equation.

Where:

r = 0.1066/12 = 0.0089

n = 18

"r" stands for rate, and since the rate is compunded monthly, and we need to convert it into effective terms, we divide it by 12 and we get 0.89% or 0.0089.

It should look like this;

So he has to pay $151.73 every month, for 18 months.

Best of luck.

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answer(b); ; ; the quantitative or qualitative variable for which the experimenter wishes to determine how its value is affected by the explanatory variable;