Question

Suppose that on January 1 you have a balance of ​$4100 on a credit card whose APR is 16​%, 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. 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?

Answer 1

Answer:

See the attached file.

Explanation:

APR is the annual rate on credit card that can be broken down in months.

Interest on credit cards are charged on the outstanding principal amount each month.

With this information we have calculated and summarized the data in excel. Find the file attached.

Hope that helps.