Use PMT= 1- PA -nt to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5800 and an annual interest rate of 18%. You decide to pay off the balance over two 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?
Use PMT= 1- PA -nt to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5800 and an annual interest rate of 18%. You decide to pay off the balance over two 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?
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Answer the both questions A and B
Transcribed Image Text:F
Use PMT=
PA
-nt
to determine the regular payment amount, rounded to the nearest dollar. Your credit
1- 1+
card has a balance of $5800 and an annual interest rate of 18%. You decide to pay off the balance over two 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?
7
a. The monthly payments are approximately $
(Do not round until the final answer. Then round to the nearest dollar as needed.)
C
W
81°F
A
(6)
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