PA (¹9) has a balance of $3200 and an annual interest rate of 17%. With no further purchases charged to the card and the balance being paid off over two years, the monthly payment is $158, and the total interest paid is $592. You can get a bank loan at 9.5% with a term of three years. Complete parts (a) and (b) below. Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card a. 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.) OA. The monthly payments for the bank loan are approximately $ monthly credit card payments. B. The monthly payments for the bank loan are approximately $ monthly credit-card payments. This is $ more than the This is $ less than the
PA (¹9) has a balance of $3200 and an annual interest rate of 17%. With no further purchases charged to the card and the balance being paid off over two years, the monthly payment is $158, and the total interest paid is $592. You can get a bank loan at 9.5% with a term of three years. Complete parts (a) and (b) below. Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card a. 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.) OA. The monthly payments for the bank loan are approximately $ monthly credit card payments. B. The monthly payments for the bank loan are approximately $ monthly credit-card payments. This is $ more than the This is $ less than the
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Points: 0 of 1
Use PMT=
PA
¹-(¹+)
has a balance of $3200 and an annual interest rate of 17%. With no further purchases charged to the card and the
balance being paid off over two years, the monthly payment is $158, and the total interest paid is $592. You can get a
bank loan at 9.5% with a term of three years. Complete parts (a) and (b) below.
Save
to determine the regular payment amount, rounded to the nearest dollar. Your credit card
a. 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.)
A. The monthly payments for the bank loan are approximately $ This is $ more than the
monthly credit card payments.
B.
The monthly payments for the bank loan are approximately $. This is $ less than the
monthly credit-card payments.
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