Use PMT= n to determine the regular payment amount, rounded to the nearest dollar. Your credit card -nt 1-1+ has a balance of $4900 and an annual interest rate of 19%. With no further purchases charged to the card and the balance being paid off over two years, the monthly payment is $247, and the total interest paid is $1028. You can get a bank loan at 11.5% with a term of three years. Complete parts (a) and (b) below. 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.) This is $ OB. O A. The monthly payments for the bank loan are approximately $ credit-card payments. The monthly payments for the bank loan are approximately $ credit-card payments. This is $ more than the monthly less than the monthly
Use PMT= n to determine the regular payment amount, rounded to the nearest dollar. Your credit card -nt 1-1+ has a balance of $4900 and an annual interest rate of 19%. With no further purchases charged to the card and the balance being paid off over two years, the monthly payment is $247, and the total interest paid is $1028. You can get a bank loan at 11.5% with a term of three years. Complete parts (a) and (b) below. 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.) This is $ OB. O A. The monthly payments for the bank loan are approximately $ credit-card payments. The monthly payments for the bank loan are approximately $ credit-card payments. This is $ more than the monthly less than the monthly
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:Use PMT=
8
n
to determine the regular payment amount, rounded to the nearest dollar. Your credit card
-nt
1-1+
has a balance of $4900 and an annual interest rate of 19%. With no further purchases charged to the card and the
balance being paid off over two years, the monthly payment is $247, and the total interest paid is $1028. You can get
a bank loan at 11.5% with a term of three years. Complete parts (a) and (b) below.
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.)
This is $
OB.
O A. The monthly payments for the bank loan are approximately $
credit-card payments.
The monthly payments for the bank loan are approximately $
credit-card payments.
C
W
This is $
more than the monthly
less than the monthly
81°F
A
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