Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose you have a $7,500 balance on your credit card. The intrest rate is 15% and the monthly payment is $200.Reset the payment to $200
Suppose you have a $7,500 balance on your credit card. The intrest rate is 15% and the monthly payment is $200.Reset the payment to $200 and change the interest rate to 30%. What is the total interest cost to borrow?
To find Total Interest Cost:
1st: Find N
2nd: N x PMT = Total Cost
3rd: Total Cost - Balance = Total Interest Cost
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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