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What is the amount of Ralph final payment

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Reference no: EM132829841

Question - A purchase on credit was made for $3,546.35. The interest rate was 16.9 percent compounding monthly. Ralph agreed to pay it off within a year starting on January 1. His monthly income is $3500.

Answer the following questions below.

1. In order to pay off the total amount for Ralph's purchase, what monthly payments are necessary? The payment includes the principal and interest amount above.

2. If Ralph adheres to his payment plan, how much total interest will he pay on the purchase when he finishes making all the payment?

3. What is the amount of Ralph's final payment (the last monthly payment)?

4. Assuming that Ralph only made one credit purchase, what is Ralph's debt payments-to-Income ratio? List the percent.

5. What total amount, including interest, did Ralph pay?

6. Is Ralph's debt-payment-to-income ratio within the recommended range? Explain.

Reference no: EM132829841

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