Question

1.) Suppose that on January 1 you have a balance of​$4200 on a credit card whose APR is 13​%,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?

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a. The monthly payment is what?

(Do not round until the final answer. Then round to the nearest cent as​ needed.)

b. The total paid since January 1 is what?

​(Use the answer from part​ (a) to find this answer. Round to the nearest cent as​ needed.)

c. The percentage of the total paid that is interest is what?.

​(Use the answer from part​ (b) to find this answer. Round to one decimal place as​ n

Answer 1