new employee charged $2960 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 21% compounded monthi hat account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 2 years? b. How much total interest will he have paid? a. What monthly payment must he make to pay off the account at the end of 2 years? (Round to the nearest cent as needed.) b. How much total interest will he have paid? (Round to the nearest cent as needed.)

new employee charged $2960 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 21% compounded monthi hat account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 2 years? b. How much total interest will he have paid? a. What monthly payment must he make to pay off the account at the end of 2 years? (Round to the nearest cent as needed.) b. How much total interest will he have paid? (Round to the nearest cent as needed.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...

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