PA [¹- (₁ + -] 1. pay off the balance over three 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= to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual interest rate of 13%. You decide to 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 3 years is approximately $ (Round to the nearest dollar as needed.)
PA [¹- (₁ + -] 1. pay off the balance over three 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= to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $4800 and an annual interest rate of 13%. You decide to 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 3 years is approximately $ (Round to the nearest dollar as needed.)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
Related questions
Question
![**Text:**
Use the formula:
\[ \text{PMT} = P \left( \frac{r}{n} \right) \Bigg/ \left[ 1 - \left( 1 + \frac{r}{n} \right)^{-nt} \right] \]
to determine the regular payment amount, rounded to the nearest dollar.
Your credit card has a balance of $4800 and an annual interest rate of 13%. You decide to pay off the balance over three 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?
**Calculations:**
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 3 years is approximately $ [ ].
(Round to the nearest dollar as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe4cbdd14-a91f-4fea-8d0f-c81e5f41dd28%2Fc8404764-820f-4585-8ca9-9d40dd4bbf99%2Flaymlgb_processed.png&w=3840&q=75)
Transcribed Image Text:**Text:**
Use the formula:
\[ \text{PMT} = P \left( \frac{r}{n} \right) \Bigg/ \left[ 1 - \left( 1 + \frac{r}{n} \right)^{-nt} \right] \]
to determine the regular payment amount, rounded to the nearest dollar.
Your credit card has a balance of $4800 and an annual interest rate of 13%. You decide to pay off the balance over three 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?
**Calculations:**
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 3 years is approximately $ [ ].
(Round to the nearest dollar as needed.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON