Question content area top Part 1 Suppose that on January 1 you have a balance of $5800 on a credit card whose APR is 16
Posted: Mon Jul 11, 2022 12:51 pm
Question content area top
Part 1
Suppose that on January 1 you have a balance of
$5800
on a credit card whose APR is
16%,
which you want to pay off in
5
years. Assume that you make no additional charges to the cardafter January 1.
a. Calculate your monthly payments.
b. When the card is paid off, how much will you have paidsince January 1?
c. What percentage of your total payment (part b)is interest?
Question content area bottom
Part 1
a. The monthly payment is
$enter your response here.
(Do not round until the final answer. Then round to the nearestcent as needed.)
Part 2
b. The total paid since January 1 is
$enter your response here.
(Use the answer from part a to find this answer. Round to thenearest cent as needed.)
Part 3
c. The percentage of the total paid that is interest is
enter your response here%.
(Use the answer from part b to find this answer. Round to onedecimal place as needed.)
Part 1
Suppose that on January 1 you have a balance of
$5800
on a credit card whose APR is
16%,
which you want to pay off in
5
years. Assume that you make no additional charges to the cardafter January 1.
a. Calculate your monthly payments.
b. When the card is paid off, how much will you have paidsince January 1?
c. What percentage of your total payment (part b)is interest?
Question content area bottom
Part 1
a. The monthly payment is
$enter your response here.
(Do not round until the final answer. Then round to the nearestcent as needed.)
Part 2
b. The total paid since January 1 is
$enter your response here.
(Use the answer from part a to find this answer. Round to thenearest cent as needed.)
Part 3
c. The percentage of the total paid that is interest is
enter your response here%.
(Use the answer from part b to find this answer. Round to onedecimal place as needed.)