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8. Practice similar Help me with this Suppose that on March 15, you have a balance of $6,100 on a credit card that has an
8. Practice similar Help me with this Suppose that on March 15, you have a balance of $6,100 on a credit card that has an APR of 12%. You plan to make no additional charges to the card and want to pay the card off in 1 year. a. Calculate your monthly payments required to pay off the card in 1 year. (Simplify your answer and round to the nearest cent.) The monthly payment is b. How much will you have paid since March 15 once the credit card is paid off? (Use the result from Part a. Simplify your answer and round to the nearest cent.) You will have paid since March 15. c. What percentage of the total payments made is interest? (Use your rounded answer from Part b. Simplify and round to one decimal place.) The percentage of the total paid that is interest is
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