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.)
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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Your credit card has a balance of 5400 and an annual interest rate of 18%. You decide to pay off the balance over 2 years
Transcribed Image Text: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.)
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