Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5400 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? a. The monthly payments are approximately $344.55 (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 2 years is approximately $801.92 (Round to the nearest dollar as needed.)

Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5400 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? a. The monthly payments are approximately $344.55 (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 2 years is approximately $801.92 (Round to the nearest dollar as needed.)

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter7: Percents

Section7.7: Simple And Compound Interest

Problem 14E

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