Andrew has a balance of $6,000 on his credit card with an annual interest rate of 12%. To pay off the $6,000 in three years, Andrew will ha

Question

Andrew has a balance of $6,000 on his credit card with an annual interest rate of 12%. To pay off the $6,000 in three years, Andrew will have to make a minimum payment of $199.29 per month. How much will Andrew pay in interest over the three year period?
A) $988.20
B) $1,174.44
C) $1,871.94
D) $7,174.44

0

Answers ( No )

    0
    2021-09-20T22:17:14+00:00

    3 years is 36 months

    36 * 199.29 =7174.44

    this is the amount he pays in 3 years

    payment – principal = interest

    174.44-6000=1174.44

    this is the amount of interest

    Choice B

    0
    2021-09-20T22:17:41+00:00

    Answer:  well in three years theres 36 months (12 + 12 + 12 = 36)

    so we’ll have to multiply it by the minimum payment andrew will have to make a month :

    $199.29 x 36 = 7174.44  (amount in three years)

    then were going to follow the formula  : P – P = I ( PAYMENT – PRINCIPLE = INTEREST)

    $174.44 – $6000 = 1174.44

    the answer is B) $ 1,174.44

    ~serenity bella

Leave an answer

Browse
Browse