Michelle has four credit cards with the balances and interest rates listed below. If Michelle wanted to pay off all four credit cards in 36 months, what would her total monthly credit card payment be? Credit Card Balance APR #1 $4,380 17% #2 $1,365 19% #3 $2,480 23% #4 $5,000 15% a. $367.36 b. $393.20 C. $475.67 d. $481.44

We will calculate the total amount for each of the credit card and then arrange them in descending order according to their interest after 36 months (3 years)

Interest on Credit card 1 =

= $2233

Interest on credit card 2 =

= $778

Interest on credit card 3 =

= $1656

Interest on credit card 4 =

= 2250

Hence the correct order to pay off all the credit card balances is

#4, #1, #3, #2

francocanacari francocanacari · Answer 2 · 2022-03-16T11:25:08+01:00

Her total monthly credit card payment will be $561.05.

Payment calculation

Given that Michelle has four credit cards with the balances and interest rates listed below, if Michelle wanted to pay off all four credit cards in 36 months, to determine what would her total monthly credit card payment be, calculate the total amount of each card of credit including interest, add all the amounts, and then divide the result by 36:

(4,380 x (1 + 0.17 x 3) + 1,365 x (1 + 0.19 x 3) + 2,480 x (1 + 0.23 x 3) + 5,000 x (1 + 0.15 x 3)) / 36 = X
(4380 x 1.51 + 1365 x 1.57 + 2480 x 1.69 + 5000 x 1.45) / 36 = X
(6613.8 + 2143.05 + 4191.2 + 7250) / 36 = X
20198.05 / 36 = X
561.05 = X

Therefore, her total monthly credit card payment will be $561.05.

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