Suppose that on January 1 you have a balance of $2800 on a credit card whose APR is 17%, which you want to pay off in 1 year Assume that you make no additional charges to the card after January 1 a Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed)

Suppose that on January 1 you have a balance of $2800 on a credit card whose APR is 17%, which you want to pay off in 1 year Assume that you make no additional charges to the card after January 1 a Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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