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chiefxxii chiefxxii
  • 09-03-2016
  • Mathematics
Answered

what is the total cost to repay a $20000 balance on a credit card loan with an APR of 18% and a minimum monthly payment of $310?

Verified Answer :

Anonymous Anonymous
  • 22-03-2016

APR is 18%. We need to take the monthly interest which is equal to
= 18% / 12
= 1.5% (monthly interest)

Monthly, you have to pay
= (310 0.015) + 310
= $314.65

You need to repay the balance of $20,000.
Then multiplied it with APR of 18%
= (20, 000 0.18) + 20,000
= $23600.00

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