Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Use
PMT=P(r/)n) / 1−(1+r/n)^−nt
to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of
$3600
and an annual interest rate of
14%.
You decide to pay off the balance over
five
years. If there are no further purchases charged to the card,a. How much must you pay each month?
b. How much total interest will you pay?
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