Your credit card has a balance of $3200 and an annual interest rate of 16%. You decide to pay off the balance over two years. If there are no further purchases charged to the card, you must pay $156.72 each month, and you will pay a total interest of $561.28. Assume you decide to pay off the balance over one year rather than two. How much more must you pay each month and how much less will you pay in total interest? Use PMT PA 1- (1 + A) -² nt to determine the regular payment amount. You will pay $ more each month. (Round to the nearest cent as needed.)

Q: You have a credit card that has a balance of $12,000 at an APR of 18.99%. You plan to pay $600 each…

A: Solution:-The loan amount on the credit card i.e. PV =$12000APR =18.99% p.a. i.e. 18.99/12 =1.5825%…

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Q: The future dollars of an investment at the end of 8 years is $ 132,000. Its today’s dollars is $…

A: INTEREST PAID BY BANK AT THE END OF 8YEAR=$132000-$76825=$55175 REAL RSTE OF INTEREST OF…

Q: Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was…

A: You can calculate Interest on your loans and investments by using the following formula for…

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Q: You have $300,000 saved for retirement. Your account earns 8% interest. How much will you be able to…

A: It is given that,      r= annual interest rate=8%=0.08      k=monthly compounding=12      N=number…

Q: The balance of my MasterCard is $2345.67 with an APR of 27.8%. I make the minimum payment of $125 a…

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A: Consider the given information.  The basic price of the car is $25200.    If you are taking a car on…

Q: Suppose you want to buy a new car that costs ​$32, 900. You have no cash only your old​ car, which…

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Q: Penny makes deposits into two separate accounts for 2 years. Option A: $800; 6% annual simple…

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Q: ristan bought a $225,000.00 house, paying 10% down, and financing the rest at 3% interest for 15…

A: Given that  Tristan bought a $225,000.00 house, paying 10% down, and financing the rest at 3%…

Q: The price of a car is $25,000. You have saved 25% of the price as a down payment. After the down…

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Q: You can buy a car for $25,200 or lease the same car for three years for a down payment of $1,500 and…

A: From the given information, it is observed that the basic price of the car is $25,200. If the car is…