Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose that on January 1 you have a balance of $3100 on a credit card whose APR is 12%, which you want to pay

image

Suppose that on January 1 you have a balance of $3100 on a credit card whose APR is 12%, which you want to pay off in 4 years. Assume that you make no additional charges to the card after 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 (part b) is interest? a. The monthly payment is $ (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

A credit card problem a Calculate your monthly payments We can use the formula for monthly payments ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics

Authors: Hal R. Varian

9th edition

978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968

More Books

Students also viewed these Mathematics questions

Question

Define the terms voltage regulation and efficiency.

Answered: 1 week ago