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WILL GIVE 5 STAR IF CORRECT: Amelia uses her credit card to buy some clothes for $678.34. She can pay off up to $235 per month. The card has an annual rate of 21.7% compounded monthly. How much total interest will she pay? (4 points)


$11.93


$12.27


$24.65


$29.72

Sagot :

980092279

Answer:

chetta es polla airemeris di quana premeria

Step-by-step explanation:

lexyjordan

Answer:

Month 1:

Calculate Balance (by adding interest to existing balance): 678.34*(1 + 0.217/12) = 690.606648333333 = 690.61

Make payment: 690.61 - 235 = 455.61

Old Balance: 690.61

New Balance: 455.61

--------------------------------------------------------------

Month 2:

Calculate Balance (by adding interest to existing balance): 455.61*(1 + 0.217/12) = 463.8489475 = 463.85

Make payment: 463.85 - 235 = 228.85

Old Balance: 463.85

New Balance: 228.85

--------------------------------------------------------------

Month 3:

Calculate Balance (by adding interest to existing balance): 228.85*(1 + 0.217/12) = 232.988370833333 = 232.99

Make payment: 232.99 - 232.99 = 0

Old Balance: 232.99

New Balance: 0

--------------------------------------------------------------

Payments Made: 235, 235, 232.99

Number of Payments Made: 3

Total Cost: 235 + 235 + 232.99 = 702.99

Total Cost: $702.99

Total Interest: 702.99 - 678.34 = 24.65

Total Interest: $24.65

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