Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your cre has a balance of $4800 and an annual interest rate of 19%. With no further purchases charged to the card an balance being paid off over five years, the monthly payment is $125, and the total interest paid is $2700. You a bank loan at 11.5% with a term of six years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each month? Se correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) OA. The monthly payments for the bank loan are approximately $ monthly credit-card payments. OB. The monthly payments for the bank loan are approximately $ This is more than the This is $ less than the

Use PMT= to determine the regular payment amount, rounded to the nearest dollar. Your cre has a balance of $4800 and an annual interest rate of 19%. With no further purchases charged to the card an balance being paid off over five years, the monthly payment is $125, and the total interest paid is $2700. You a bank loan at 11.5% with a term of six years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit-card payment each month? Se correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) OA. The monthly payments for the bank loan are approximately $ monthly credit-card payments. OB. The monthly payments for the bank loan are approximately $ This is more than the This is $ less than the

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...

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