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a-John owes $20,000; the credit card company charges him 1.5% per month on this debt. If he wishes to pay off his credit card bill in 5 years of equal monthly installments, promises to make the first payment next month and not use the credit card again, what monthly payments must he make?
John realizes that he can’t afford the first payments He wants smaller payment and start small, then increase; 1st payment will come in one month’s time. John wants his payments to grow at, 1.0% per month and still pay off the credit card debt in 5 years of monthly payments, what should his first payment be?