K P n [9] card has a balance of $5400 and an annual interest rate of 12%. You decide to pay off the balance over five 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? Use PMT= nt to determine the regular payment amount, rounded to the nearest dollar. Your credit R 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 5 years is approximately $. (Round to the nearest dollar as needed.)
K P n [9] card has a balance of $5400 and an annual interest rate of 12%. You decide to pay off the balance over five 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? Use PMT= nt to determine the regular payment amount, rounded to the nearest dollar. Your credit R 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 5 years is approximately $. (Round to the nearest dollar as needed.)
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
Related questions
Question
14.3 Answer both questions
![K
P
n
[-(19)]
card has a balance of $5400 and an annual interest rate of 12%. You decide to pay off the balance over five 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?
Use PMT=
nt
to determine the regular payment amount, rounded to the nearest dollar. Your credit
RX
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 5 years is approximately $.
(Round to the nearest dollar as needed.)
a
1
W
More](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6030cbbc-dba6-4cc4-b2c7-5d66af95ec0b%2F48181a96-a292-4f79-b0a8-b36d2af12ecb%2F3h8dfq9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
P
n
[-(19)]
card has a balance of $5400 and an annual interest rate of 12%. You decide to pay off the balance over five 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?
Use PMT=
nt
to determine the regular payment amount, rounded to the nearest dollar. Your credit
RX
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 5 years is approximately $.
(Round to the nearest dollar as needed.)
a
1
W
More
Transcribed Image Text:K
Use PMT=
P(A)
Р
-nt
to determine the regular payment amount, rounded to the nearest dollar. Your credit
card has a balance of $5400 and an annual interest rate of 12%. You decide to pay off the balance over five 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 5 years is approximately $.
(Round to the nearest dollar as needed.)
1-
x
T
...
a
I.
More
X
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