Reference no: EM132481478
Suppose that on January 1 you have a balance of ?$3300 on a credit card whose APR is 17?%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1.
a. Calculate your monthly payments.
b. When the card is paid? off, how much will you have paid since January? 1?
c. What percentage of your total payment from part? (b) is? interest?
a. The monthly payment is ?$__.
?(Do not round until the final answer. Then round to the nearest cent as? needed.)
b. The total paid since January 1 is ?$__
?(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 __?%.
?(Use the answer from part? (b) to find this answer. Round to one decimal place as? needed.)
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