Use PMT= 1- PA -nt to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5800 and an annual interest rate of 18%. You decide to pay off the balance over two 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?

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
icon
Related questions
Question
100%
Answer the both questions A and B
F
Use PMT=
PA
-nt
to determine the regular payment amount, rounded to the nearest dollar. Your credit
1- 1+
card has a balance of $5800 and an annual interest rate of 18%. You decide to pay off the balance over two 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?
7
a. The monthly payments are approximately $
(Do not round until the final answer. Then round to the nearest dollar as needed.)
C
W
81°F
A
(6)
Transcribed Image Text:F Use PMT= PA -nt to determine the regular payment amount, rounded to the nearest dollar. Your credit 1- 1+ card has a balance of $5800 and an annual interest rate of 18%. You decide to pay off the balance over two 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? 7 a. The monthly payments are approximately $ (Do not round until the final answer. Then round to the nearest dollar as needed.) C W 81°F A (6)
Expert Solution
Step 1

Given :-

PMT=Prn1-1+rn-nt

 

steps

Step by step

Solved in 4 steps

Blurred answer
Recommended textbooks for you
Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
Algebra
ISBN:
9780134463216
Author:
Robert F. Blitzer
Publisher:
PEARSON
Contemporary Abstract Algebra
Contemporary Abstract Algebra
Algebra
ISBN:
9781305657960
Author:
Joseph Gallian
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Algebra And Trigonometry (11th Edition)
Algebra And Trigonometry (11th Edition)
Algebra
ISBN:
9780135163078
Author:
Michael Sullivan
Publisher:
PEARSON
Introduction to Linear Algebra, Fifth Edition
Introduction to Linear Algebra, Fifth Edition
Algebra
ISBN:
9780980232776
Author:
Gilbert Strang
Publisher:
Wellesley-Cambridge Press
College Algebra (Collegiate Math)
College Algebra (Collegiate Math)
Algebra
ISBN:
9780077836344
Author:
Julie Miller, Donna Gerken
Publisher:
McGraw-Hill Education