16 - Contemp MATH 116 - Contemporary Mathematics - Summer 2021
Pamela Cook & 107/31/21 11:52 PM
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ework
Homework: W2 -8.8 Credit
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O Part 1 of 2
Question 19
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Your credit card has a balance of $5300 and an annual interest rate of 15%. You decide to pay off the balance over five years. If there are no further purchases
charged to the card, you must pay $126.09 each month, and you will pay a total interest of $2265.40. Assume you decide to pay off the balance over one year
rather than five. How much more must you pay each month and how much less will you pay in total interest?
ges made her
Use PMT=
PA)
1-(1)
to determine the regular payment amount.
-nt
W2.8