Suppose your credit card has a balance of $6,900 and an annual interest rate of 14%. 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? Now suppose decide to pay off the balance over one year rather than three. (c) How much more must you pay each month? (d) How much less will you pay in total interest? OA. (a) $236 (b) $540 (c) $384 more per month (d) $1,056 less in total interest OC. (a) $245 (b) $1,920 (c) $384 more per month; (d) $1,272 less in total interest RECH OB. (a) $245 (b) $648 (c) $384 more per month; (d) $1,272 less in total interest OD. (a) $236 (b) $1,596 (c) $384 more per month (d) $1,056 less in total interest Use to d amo Rou
Suppose your credit card has a balance of $6,900 and an annual interest rate of 14%. 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? Now suppose decide to pay off the balance over one year rather than three. (c) How much more must you pay each month? (d) How much less will you pay in total interest? OA. (a) $236 (b) $540 (c) $384 more per month (d) $1,056 less in total interest OC. (a) $245 (b) $1,920 (c) $384 more per month; (d) $1,272 less in total interest RECH OB. (a) $245 (b) $648 (c) $384 more per month; (d) $1,272 less in total interest OD. (a) $236 (b) $1,596 (c) $384 more per month (d) $1,056 less in total interest Use to d amo Rou
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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Question
Transcribed Image Text:Suppose your credit card has a balance of $6,900 and an annual interest rate of 14%. 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?
Now suppose decide to pay off the balance over one year rather than three.
(c) How much more must you pay each month?
(d) How much less will you pay in total interest?
A. (a) $236
(b) $540
(c) $384 more per month
(d) $1,056 less in total interest
C. (a) $245
(b) $1,920
(c) $384 more per month;
(d) $1,272 less in total interest
BREED
B. (a) $245
(b) $648
(c) $384 more per month;
(d) $1,272 less in total interest
D. (a) $236
(b) $1,596
(c) $384 more per month
(d) $1,056 less in total interest
Use PMT=
P
1-
1+
to determine the payment
amount.
Round to the nearest dollar.
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