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What monthly payment must make to pay off the account

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Reference no: EM132841167

A new employee charged $5170 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 27% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month.

Problem (a) What monthly payment must he make to pay off the account at the end of 2 years?

Problem (b) How much total interest will he have paid?

Reference no: EM132841167

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