Author Question: Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Suppose your ... (Read 206 times)

JMatthes · **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 $6500 and an annual interest rate of 14%. 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 decide to pay off the balance over one year rather than three.
(c) How much more must you pay each month?
(d) How much less will you pay in total interest?
◦ (a) $231
(b) $604
(c) $361 more per month;
(d) $1212 less in total interest
◦ (a) $222
(b) $508
(c) $362 more per month
(d) $984 less in total interest
◦ (a) $222
(b) $1492
(c) $362 more per month
(d) $984 less in total interest
◦ (a) $231
(b) $1816
(c) $361 more per month;
(d) $1212 less in total interest

asdfasdf · **Reply #1 on:** Feb 2, 2020

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