Suppose that on January 1 you have a balance assao on a c odtcard who se APR is

Question

Suppose that on January 1 you have a balance assao on a c odtcard who se APR is 15%, which you want to pay or in 4 years Assum·that you make no oddtional darges to the card after January 1. your monthly payments b. When the oard is paid ofl, how much will you have paid since January 1 G. What percentage of your total payment (part b) is interest? a. The (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $ (Use the answer from part a to find this answer. Round to the nearest cent as neaded.) c.The percentage ofthe total paid that is interest is% (Use the answer from part b to find this answer. Round to one decimal place as needed.)

Explanation / Answer

a) Monthly payment

= pmt(0.15/12, 4*12, 5200) [Excel Formula]

= $ 144.72

b) Total paid = 144.72*4*12 = $ 6946.56

c) Interest = $ 6946.56 - $ 5200 = $ 1746.56

Hence,

Percentage of total paid = 1746.56/ 6946.56 = 25.1%

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