Question

Your parents have a credit card with a balance of $3,287.90 at an interest rate of 14.5% APR. They pay $1,200.00 each month on the due date until the card is paid off. What is the total amount they will pay including interest?
$3,364.86


$3,600.00


$3,287.90


$3,357.16

Answer 1

Answer:

$3,364.86

Step-by-step explanation:

3287.9*(14.5%/12)=39.73

3287.9 +39.73 interest = 3,327.63 - 1,200 (payment)=2127.63

2127.63 x (14.5%/12)=25.71

2127.63 + 25.71 interest = 2153.34 - 1200 (payment)=953.34

953.34 x (14.5%/12)=11.52

953.34 + 11.52 interest = 964.86

1200 + 1200 + 964.86 = $3,364.86