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Suppose that on January 1 you have a balance of $5600 on a credit card whose APR is 16%, which you want to pay off

Suppose that on January 1 you have a balance of $5600 on a credit card whose APR is 16%, which you want to pay off in 1 year Assume that you make no additional charges to the card after January 1.

a. Calculate your monthly payments.

b. When the card is paidoff, how much will you have paid since January1?

c. What percentage of your total payment from part(b) isinterest?

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