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Rex and Renaye paid a total of $4,120.00, including principal and interest, over an 18-month period, to pay off their credit card. Calculate how much, on average, they paid in addition to their $172.00 average minimum monthly payment.

2 Answers

5 votes

Answer:

56.89

Explanation:

4120/18 = 228.8888889

228.8888889 - 172 = 56.8888889

User Chris Colla
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To calculate how much Rex and Renaye paid on average in addition to their $172.00 average minimum monthly payment, we need to first determine the total amount of their credit card debt. We can do this by taking the 18 monthly payments of $172.00 and multiplying them by 18:

$172.00 x 18 = $3,096.00

This means that Rex and Renaye paid $3,096.00 in minimum payments over the 18-month period. To determine how much they paid in addition to this amount, we subtract $3,096.00 from the total amount they paid, which is $4,120.00:

$4,120.00 - $3,096.00 = $1,024.00

Therefore, Rex and Renaye paid an additional $1,024.00 over the 18-month period. To determine how much, on average, they paid in addition to their $172.00 average minimum monthly payment, we divide $1,024.00 by 18:

$1,024.00 / 18 = $56.89

So, on average, Rex and Renaye paid an additional $56.89 per month in addition to their $172.00 minimum monthly payment.
User Nisd
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