Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose that on January 1 you have a balance of $4700 on a crede card whose APR is 21%, which you want to pay oft

image text in transcribed
Suppose that on January 1 you have a balance of $4700 on a crede card whose APR is 21%, which you want to pay oft in 5 years Assume that you make no addeional charges to the card after January 1 a. Cakubare your monthby payments b. When the card is paid off, how much wil you have paid since January 1 ? c. What percentage of yout total payment (part b) is interest? a. The menthly payment is 5 (be not round unil the final antwet. Then round to the neareat cent as ceeded)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Financial management theory and practice

Authors: Eugene F. Brigham and Michael C. Ehrhardt

12th Edition

978-0030243998, 30243998, 324422695, 978-0324422696

More Books

Students also viewed these Finance questions