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Assume you have a balance of $3200 on your credit card that you want to pay off. Calculate your monthly payment and total payment under the given conditions. Assume you make no additional charges to the card.

The credit card APR is 21% and you want to pay off the balance in 2 years.

 Apr 3, 2020
 #3
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Sorry about that. I will research a little more...

 Apr 3, 2020
 #4
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I appreciate your help! I'm struggling so bad..

Guest Apr 3, 2020
 #6
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N=2*12; R=0.21/12;PV=3200; PMT=PV*R*((1 + R)^N) / ((1 + R)^(N) - 1);print"LOAN PMT =$",PMT

 

 

CREDIT CARD PMT =$ 164.43

 Apr 3, 2020

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