Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer parts A, B, C Suppose that on January 1 you have a balance of $3100 on a credit card whose APR is 19%,
please answer parts A, B, C Suppose that on January 1 you have a balance of $3100 on a credit card whose APR is 19%, which you wart to pay off in 1 year. Assume that you make no additional charges to the card affer January 1 . a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1 ? c. What percentage of your total payment from part (b) is inferest? a. The monthly payment is s (Do not round until the final answer. Then round to the nearest cent as needed.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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