Assume You Have a Balance of $3200 on Your Credit

question 97

Multiple Choice

Assume you have a balance of $3200 on your credit card that you want to pay off. Calculate your monthly payment andtotal payment under the given conditions. Assume you make no additional charges to the card.
-The credit card APR is 18% and you want to pay off the balance in 4 years.

• A)$112.91; $5419.89
• B)$130.64; $6270.75
• C)$80.51; $3864.62
• D)$94.00; $4512.00

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Definitions:

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A small icon in software that, when clicked, opens a dialog box providing additional options and settings for a particular tool or feature.

Navigate

To navigate means to move or get around within a physical space or a digital interface, such as a website or software application, often involving the use of directional tools, menus, or commands.

Specific Date

Referring to a precise day identified by its day, month, and year.

Default

A preselected option adopted by a computer program or other mechanism when no alternative is specified by the user or programmer.