Question

Question Help 0 A new employee charged $8490 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 15% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 3 years using automatic payments sent at the end of each month. a. What monthly payment must he make to pay off the account at the end of 3 years? b. How much total interest will he have paid? a. What monthly payment must he make to pay off the account at the end of 3 years? (Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. Check Answer Clear All nart

Answer 1

0 soli a new Given new employee charged $ 84 90 on his Credit Card to relocate for his first Job, i.e., balance was 154 Compounded monthly me, = 36 months, 3x12 n = 3 years = 0.0125 85 15 12 xt 100 from given data 8490 que, (P- monthly Amount payment he make to pay off 0(1+0) A = P * 36 (10)-1 9 8490 * (0.0125) (1.0125) 1-0125)-1 36 8490 * 0.0346653 7 294.308397 211 294.31 payment he make : monthy Amount to pay off 294.31

16) Total interest will be paid's n Total Intrest will be paid 36 * 294.31 7 10595.16 Total Interest paid = 10595.16-8490 2105.16 Total Interest paid. paid =($) 2105.16