+84 Peyton has a credit card with an annual rate of 24.7% compounded monthly. She used the credit card to purcahse cleaning supplies in teh amount of $189.56. She can pay up to $72 on the credit card each month. How much total interest will she pay?
Peyton has a credit card with an annual rate of 24.7% compounded monthly. She used the credit card to purcahse cleaning supplies in teh amount of $189.56. She can pay up to $72 on the credit card each month. How much total interest will she pay?
For such a few payments, doing amortization schedule is the simplest way to do it:
INTEREST PRINICIPAL BALANCE
$189.56
1 - $3.90 $68.10 $121.46
2- $2.50 $69.50 $51.96
3- $1.07 $51.96 $0.00
-----------------------------------------------------------------------------------
TOTALS $7.47 $189.56 $0.00
