Need help Suppose that on January 1 you have a balance of $4,500 on acredit card whose APR is 16%, which you want to pay off in 1year. Assume that you make no additional charges to the cardafter January 1.A) Calculate your monthly payments.B) When the card is paid off, how much will you have paid sinceJanuary 1?C) What percentage of your total payment from part B) isinterest?

Step 1:Given data:Initial balance (Principal): $4,500APR (Annual Percentage Rate): 16% or 0.16Time:…

Answered: Suppose that on January 1 you have a…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, 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.)
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Can you please give me correct answer this general accounting question?

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