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What is balance at the end of six months

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Reference no: EM133061083

You have a balance of $4,000 on your 2% per month credit card, if you pay $50 at the end of each month, what is your balance at the end of six months?

A. $4,024.65

B. $3,980

C. $4,189.24

D. $3,502.65

E. $3,828.76

Current balance = $4000 i.e. PV = $4000 Monthly interest rate, r = 2%

Monthly payment, PMT = $50 N=6

Compute FV using Calculator. FV = $4189.24

How do you enter this on excel? how do you enter this on a finance calculator(BA II Plus texas instrument)?

Reference no: EM133061083

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