Your credit card has a balance of $2500 and an annual interest rate of 18%. With no further purchases charged to the card and the balance being paid off over four years, the monthly payment is $7373, and the total interest paid is 1004. You can get a bank loan at 10.5% with a term of five years.

a. How much will you pay each month? How does this compare with the credit-card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice.

$nothing

more than the monthly credit-card payments.

B.The monthly payments for the bank loan are approximately

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