In 510, use PMT = Pa r n b c 1 - a1 + r n b -nt d to determine the regular payment
Chapter 8, Problem 5(choose chapter or problem)
In Exercises 5 - 10, use
\(P M T=\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]}\)
to determine the regular payment amount, rounded to the nearest dollar.
Suppose your credit card has a balance of $4200 and an annual interest rate of 18%. You decide to pay off the balance over two years. If there are no further purchases charged to the card,
a. How much must you pay each month?
b. How much total interest will you pay?
Text Transcription:
PMT = P (r / n) / [1 - (1 + r / n)^{-nt}]
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