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Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 16%, which you want to pay ofl
Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 16%, which you want to pay ofl in 2 years. Assume that you make no additional charges to the card aftor January 1 a Calculate your monthly parments. b. When the card is pad oH, how much will you havo paid since January 1 ? c. What percentage of your total payment (part b) is interest? a. The monthly payment is 5 (Do not round until the final answer. Then round to the nearest cent as nooded) b. The total paid since January 1 is $ (Use the answer from part a to find this answer. Round to the nearest cent as needed) c. The percentage of the total paid that is inierest is %. (Use the answer from part b to find this answer. Round to one decimal place as neoded)
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