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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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