Math  /  Algebra

QuestionUse PMT =P(rn)[1(1+rn)nt]2=\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]^{2}} to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $3400\$ 3400 and an annual interest rate of 12%12 \%. YY decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately $\$ \square (Do not round until the final answer. Then round to the nearest dollar as needed.)

Studdy Solution
a. The monthly payment is approximately $113\$113. b. The total interest paid is $668\$668.

View Full Solution - Free
Was this helpful?

Studdy solves anything!

banner

Start learning now

Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

ParentsInfluencer programContactPolicyTerms
TwitterInstagramFacebookTikTokDiscord