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Author Question: Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Suppose your ... (Read 162 times)

darbym82

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on: Feb 2, 2020
Use  PMT = to determine the regular payment amount, rounded to the nearest dollar.

Suppose your credit card has a balance of $2500 and an annual interest rate of 19%. You decide to pay off the balance over three 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?
Now suppose you instead get a bank loan at 11.5% with a term of four years.
  (c) How much will you pay each month? How does this compare with your credit-card payment?
  (d) How much total interest will you pay? How does this compare with your credit-card interest?
◦ (a) $66
(b) $124
(c) $92, which is a higher monthly payment
(d) $812, which is more interest.
◦ (a) $92
(b) $1916
(c) $66, which is a lower monthly payment
(d) $668, which is less interest.
◦ (a) $92
(b) $812
(c) $66, which is a lower monthly payment
(d) $668, which is less interest.
◦ (a) $66
(b) $668
(c) $92, which is a higher monthly payment
(d) $812, which is more interest.
Thinking Mathematically ¦ Blitzer ¦ 6th Edition
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Marked as best answer by darbym82 on Feb 2, 2020

Pamela.irrgang@yahoo.com

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Reply #1 on: Feb 2, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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darbym82

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Reply 2 on: Feb 2, 2020
Great answer, keep it coming :)

aliotak

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Reply 3 on: Yesterday
Gracias!

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