Mathematics, 27.04.2020 01:31, shay68596

3. Suppose your credit card has a balance of $7800 and an annual interest rate of 16%. You 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?

Now suppose you decide to pay off the balance over one year instead of three.

c. How much more must you pay each month?

d. How much less will you pay in total interest?

Answers: 1

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3. Suppose your credit card has a balance of $7800 and an annual interest rate of 16%. You decide