Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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)

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

Advanced Finance

Authors: Michael Fardon

1st Edition

1872962319, 1872962173, 978-1872962313, 978-1872962177

More Books

Students also viewed these Finance questions