Your credit card has a balance of $4900 and an annual interest rate of 18%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, you must pay $177.15 each month, and you will pay a total interest of $1477.40. Assume you decide to pay off the balance over one year rather than three. How much more must you pay each month and how much less will you pay in total interest?

a.) You will pay $__ more each month. (Round to the nearest cent as needed.)

b.) You will pay $__ less in total interest. (Round to the nearest cent as needed.)

Use PMT= P(H) 1- ( + 7) n to determine the regular payment amount. nt