Your credit card has a balance of $5400 and an annual interest rate of 17%. With no further purchases charged to the card and the balance being paid off over five years, the monthly payment is $134, and the total interest paid is $2640. You can get a bank loan at 9.5% with a term of six years. Complete parts (a) and (b) below. 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. (Do not round until the final answer. Then round to the nearest dollar as needed.)
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Use to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5200 and an annual interest rate of 18%. You decide to pay off the balance over 5 years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately ??? (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over years is approximately ???
Keondre P.
Suppose that on January 1 you have a balance of $5200 on a credit card whose APR is 14%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is (Do not round until the final answer. Then round to the nearest cent as needed.) 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 interest is (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
Adi S.
Suppose you apply for a ten-year loan in the amount of $21,500 with an APR of 5.7%. Under these conditions, your monthly payment will be $235.47. When the loan is paid off, what is the total amount of interest that you will have paid over the ten years? Suppose you have a balance of $3814.27 on your credit card, which charges an APR of 20.4%. 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 the principal, and what percentage will have gone toward interest?
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