Suppose that on January 1 you have a balance of $5000 on a credit card whose APR is 18%, which you want to pay off in 1 year Assume that you make no additional charges to the card after January 1
a Calculate your monthly payments what is the total paid since january 1st
b. When the card is paid off, how much will you have paid since January 1?
c. What percentage of your total payment from part(b) is interest?
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a. The monthly payment is $ 458.40
(Do not round until the final answer. Then round to the nearest cent as needed)
b. The total paid since January 1 is $
(Use the answer from part (a) to find this answer. Round to the nearest cent as needed)