Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate on your credit card is 19.1% per year. compounded monthly, and your statement says your minimum payment is $275 per month. a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up your credit card and do not make any additional purchases? Round your answer up to the nearest number of a payments. You will need minimum payments.
Recently, you made multiple large purchases on your credit card totaling $14,700. The interest rate on your credit card is 19.1% per year. compounded monthly, and your statement says your minimum payment is $275 per month. a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up your credit card and do not make any additional purchases? Round your answer up to the nearest number of a payments. You will need minimum payments.
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Transcribed Image Text:Recently, you made multiple large purchases on your credit card totaling $14.700. The interest rate on your credit card is 19.1% per year,
compounded monthly, and your statement says your minimum payment is $275 per month.
a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up your credit card and do not
make any additional purchases? Round your answer up to the nearest number of a payments.
You will need
minimum payments.
b. How much total interest, to the nearest dollar, will you pay by making the minimum monthly payment?
Total interest = S
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