Part V a) Using the formula for calculating the payment, P. determine how large of a payment is required to pay off a de

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Part V A Using The Formula For Calculating The Payment P Determine How Large Of A Payment Is Required To Pay Off A De 1 (278.5 KiB) Viewed 30 times

Part V a) Using the formula for calculating the payment, P. determine how large of a payment is required to pay off a debt in 12 months. Use the same monthly interest rate i = 0.01092 and the same debt amount $1400 from the first question. The formula you need is: P D.i 1- (1 + i) P = $ M b) What is the total amount paid to the credit card company? (Hint: Multiply the payment amount by 12). Total amount: $ c) How much of the total paid goes toward interest? Interest: $