Question
Suppose you have a balance of $2157.26 on your credit card, which charges an APR of17.3%. Assume that you charge no additional expenses to the
Suppose you have a balance of $2157.26 on your credit card, which charges an APR of17.3%. Assume that you charge no additional expenses to the card and you want to pay off the balance in four years of equal monthly payments.
(a) Calculate the monthly payment.
(b) When the card is paid off after four years, what percentage of your total payment will have gone toward interest?
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Business Forecasting
Authors: John E. Hanke, Dean Wichern
9th edition
132301202, 978-0132301206
