Answered step by step
Verified Expert Solution
Question
1 Approved Answer
content area top Part 1 Use PMT equals StartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis Over left bracket 1 minus
content area top Part 1 Use PMT equals StartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis Over left bracket 1 minus left parenthesis 1 plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndFraction to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4500 and an annual interest rate of 12%. You decide to pay off the balance over four years. If there are no further purchases charged to the card, The total interest paid over 4 years is approximately
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started