Ask Question
13 April, 04:03

Shelby's annual take-home pay is $51,000. What is the maximum amount that she can spend per month paying off credit cards and loans and not be in danger of credit overload?

+1
Answers (1)
  1. 13 April, 06:06
    0
    Given:

    $51,000 take-home pay of Shelby per year

    to determine the maximum amount that she can spend per month, we can use a formula from economics:

    A = P (i (1+i) ^n) / (1+i) ^n - 1)

    Assume that the interest rate of the credit card is 4%

    P = amount per month = $51,000 / 12 = $4250

    Substitute and solve for A.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Shelby's annual take-home pay is $51,000. What is the maximum amount that she can spend per month paying off credit cards and loans and not ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers