Answered step by step
Verified Expert Solution
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
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 ...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