Question

Your credit card has a balance of ​$5200 and an annual interest rate of 12​%. You decide to pay off the balance over five 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 over 5 years?

Answer 1

Explanation:

Total amount = $5200

Annual interest rate=12%of $5200=

$624

Each month payment=$624/12=$52

Total interest over 5 years =$624×5=$3120