Frank has four different credit cards, the balances and interest information of which are outlined in the table below. he would like to consolidate his credit cards to a single credit card with an apr of 18% and pay off the balance in 24 months. what will his monthly credit card payment be?

credit card balance apr a $2,380 19% b $4,500 15% c $1,580 17.50% d $900 21%

a. $390.00 b. $462.91 c. $467.29 d. $52.00

  c.  $467.29

Step-by-step explanation:

The total of balances is $9360. The payment can be computed using the amortization formula:

  A = P(r/12)/(1 -(1 +r/12)^-n)

where A is the monthly payment, P is the principal (total balance), r is the annual rate, and n is the number of months.

Filling in your numbers, we have ...

  A = $9360(0.18/12)/(1 -(1 +0.18/12)^-24) ≈ $467.29

Frank's monthly credit card payment will be $467.29.

d

step-by-step explanation:

d

it is contrapositive

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