DragonAura
contestada

You have $3,500 on a credit card that charges a 13% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

Respuesta :

amna04352

Answer:

$110⅔ per month

Step-by-step explanation:

Interest per year = 13/100 × (3500)

= 455

In 4 years = 455×4 = 1820

Total amount to be paid

= 1820 + 3500 = 5320

4 years is 48 months

Per month: 5320/48 = $110⅚

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