The percentage of the total paid is interest

timer Asked: Jun 1st, 2013

Question Description

I’m stuck on a Business question and need an explanation.

Suppose that on January 1st you have a balance of $3100 on a credit card whose APR is 12%, which you want to pay off in 3 years. Assume that you make no additional charges to the card till after January 1st:

Calculate your monthly payments.

When the card is paid off, how much will you have paid since January 1st?

The monthly payment?

(Round to the nearest cent as needed)

The total paid since January 1st?

(Use answer from above for this answer, nearest cent)

The percentage of the total paid is interest is?

(Use the answer from above to find this answer, round to one decimal place as needed.)

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