Maria is a graduate student; she borrows some money to buy a new car at the beginning of her graduation year. The car dealership allows her to defer payments for 12 months. Then Maria makes 48 end-of month payments thereafter. If the original note (loan) is for $30,000 and interest in 2% per month on the unpaid balance, how much will Maria’s payment be?   Please Include equations used and cashflow diagram

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Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.