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Credit card payments the outstanding balance on bills

Question: CREDIT CARD PAYMENTS The outstanding balance on Bill's credit-card account is $3200. The bank issuing the credit card is charging 18.6%/year compounded monthly. If Bill decides to pay off this balance in equal monthly installments at the end of each month for the next 18 mo, how much will be his monthly payment? What is the effective rate of interest the bank is charging Bill?

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Mathematics: Credit card payments the outstanding balance on bills

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