A credit card holder has $12,000 on a credit card that charges a nominal annual rate of interest compounded 12 times a year. If the card holder wants to pay off the credit card in 6 years, how much will the card holder need to pay? Use this information to complete the following: 1) If the card holder is a higher-risk customer, and the credit card company will charge 27.5% annual nominal rate of interest compounded 12 times a year. Compute: i. Monthly payment: ii. Total amount of money the card holder will pay: iii. Total interest amount the credit card company will earn:

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