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What would be his monthly payments for the american express

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Reference no: EM132966203

Briar is planning to apply for a new credit card and is considering the following three choices. They are also planning to buy a $800 big screen television and plans to pay for this over a two-year period by making equal monthly payments.

Credit Card

                                                 Annual Interest Rate       Annual Fee

MBNA True Line Master Card              8.99%                $39

CIBC Select VISA Card                    13.99%                 $29

American Express Essential Credit Card   12.99%                $0

Problem 1: What would be his monthly payments for the American Express Essential Credit Card over a two-year period?

Option 1: $36.75

Option 2: $38.03

Option 3: $39.77

Option 4: $41.25

Option 5: $37.55

Problem 2: How much in interest charges would he pay using the American Express Essential Credit Card (Hint: Total Interest = (number of payments * amount of payments) - loan amount)?

Option 1: $112.71

Option 2: $109.94

Option 3: $108.16

Option 4: $111.75

Option 5: $98.93

Reference no: EM132966203

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