Part Ii A Formula For Calculating The Payment P Required To Pay Off A Debt Of Amount D In M Months With Monthly Intere 1 (246.81 KiB) Viewed 50 times
Part Ii A Formula For Calculating The Payment P Required To Pay Off A Debt Of Amount D In M Months With Monthly Intere 2 (136.17 KiB) Viewed 50 times
Part II A formula for calculating the payment, P, required to pay off a debt of amount D in M months with monthly interest rate i is P = D.i 1- (1 + i) a) Using this formula, solve for M. Use either the Common log, log, or the Natural log, In. Starting with ""M=", enter the whole formula. Note: Use an asterisk (*) between any variables that are being multiplied together. For example, D. i. If you need to, look back to Question 1 to recall the debt amount. D=$ M b) Determine the number of months it will take to pay off the credit card debt with minimum monthly payments of $25. You'll need the monthly interest rate from Part I: i = 0.01092. Round the number of months to two decimal places. Number of months: c) How long is this in years, rounded to the nearest tenth of a year? Answer: Total Amount: $ 4 d) What is the total amount paid to the credit card company, rounded to the nearest dollar? (Hint: Multiply the payment amount with your answer to part b)). e) How much of the total paid goes toward interest?
d) What is the total amount paid to the credit card company, rounded to the nearest dollar? (Hint: Multiply the payment amount with your answer to part b)). Total Amount: $ e) How much of the total paid goes toward interest? Interest:$ Submit Question
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