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Use PMT \( =\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]} \) to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of \( \$ 5500 \) and an annual interest rate of \( 12 \% \). You decide to pay off the balance over three years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately \( \$ 183 \). (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 3 years is approximately \( \$ \square \) (Round to the nearest dollar as needed.)

Ask by Bowers Warren. in the United States
Mar 14,2025

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a. You must pay approximately \$183 each month. b. The total interest paid over 3 years is approximately \$1,088.

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To calculate the total interest paid over three years, we need to find the total amount paid and then subtract the initial balance. The monthly payment (PMT) has already been found to be \$183. Over three years, which is 36 months, the total amount paid will be \( 183 \times 36 = 6588 \). Now we can find the total interest paid: Total interest = Total amount paid - Initial balance Total interest = \( 6588 - 5500 = 1088 \). So, the total interest paid over three years is approximately \( \$ 1088 \).

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