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Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your credit care -nt 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. credit-card payments. b. How much total interest will you pay? How does this compare with the total credit-card interest? Select the correct choice below and fill in the answer boxes to complete your choice. (Use the answer from part a to find this answer. Round to the nearest dollar as needed.) www A. The total interest paid over 3 years for the bank loan is approximately $ total credit-card interest. a B. The total interest paid over 3 years for the bank loan is approximately $ total credit-card interest. H This is $ This is $ less than the more than the 77°F

Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your credit care -nt 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. credit-card payments. b. How much total interest will you pay? How does this compare with the total credit-card interest? Select the correct choice below and fill in the answer boxes to complete your choice. (Use the answer from part a to find this answer. Round to the nearest dollar as needed.) www A. The total interest paid over 3 years for the bank loan is approximately $ total credit-card interest. a B. The total interest paid over 3 years for the bank loan is approximately $ total credit-card interest. H This is $ This is $ less than the more than the 77°F

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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5:1 Answer B questions
O Use PMT= 1- P + Ei 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. to determine the regular payment amount, rounded to the nearest dollar. Your credit card - nt 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 $ ... The monthly payments for the bank loan are approximately $ credit-card payments. a The monthly payments for the bank loan are approximately $ 162. This is $ 85 less than the monthly credit-card payments. b. How much total interest will you pay? How does this compare with the total credit-card interest? Select the correct choice below and fill in the answer have to complete your choic more than the monthly H 77°F
Transcribed Image Text:O Use PMT= 1- P + Ei 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. to determine the regular payment amount, rounded to the nearest dollar. Your credit card - nt 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 $ ... The monthly payments for the bank loan are approximately $ credit-card payments. a The monthly payments for the bank loan are approximately $ 162. This is $ 85 less than the monthly credit-card payments. b. How much total interest will you pay? How does this compare with the total credit-card interest? Select the correct choice below and fill in the answer have to complete your choic more than the monthly H 77°F
O Use PMT= PA to determine the regular payment amount, rounded to the nearest dollar. Your credit card - nt 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. credit-card payments. b. How much total interest will you pay? How does this compare with the total credit-card interest? Select the correct choice below and fill in the answer boxes to complete your choice. (Use the answer from part a to find this answer. Round the nearest dollar as needed.) OA. The total interest paid over 3 years for the bank loan is approximately $ total credit-card interest. OB. The total interest paid over 3 years for the bank loan is approximately $ total credit-card interest. a This is $ This is $ less than the more than the 77°F
Transcribed Image Text:O Use PMT= PA to determine the regular payment amount, rounded to the nearest dollar. Your credit card - nt 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. credit-card payments. b. How much total interest will you pay? How does this compare with the total credit-card interest? Select the correct choice below and fill in the answer boxes to complete your choice. (Use the answer from part a to find this answer. Round the nearest dollar as needed.) OA. The total interest paid over 3 years for the bank loan is approximately $ total credit-card interest. OB. The total interest paid over 3 years for the bank loan is approximately $ total credit-card interest. a This is $ This is $ less than the more than the 77°F
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