Newton uses a credit card with a 18.6% apr, compounded monthly, to pay for a cruise totaling $1,920.96. he can pay $720 per month on the card. what will the total cost of this purchase be?

$1947.32

Most credit cards allow the balance to be paid in the first month without any finance charge. After Newton's first payment of $720 the remaining balance of $1200.96 will earn interest of 1.55% for the month, resulting in a new balance of 1219.57.

Following the second month's payment of $720, Newton's balance of $499.57 will earn 1.55% interest to become a new balance of $507.32. Newton can pay that off in the 3rd month.

Newton's total of payments is ...

... $720 +720 +507.32 = $1947.32

This amount includes $26.36 in interest charges.

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