Using an online calculator, determine the total cost, fixed monthly payment and the total interest paid when repaying a credit card loan of 3500 with a 21% interest rate compounded monthly over a 24-month period. Round to answer to nearst dollar
To determine the total cost, fixed monthly payment, and total interest paid, we will use an online loan payment calculator.
Using the given information:
- Loan amount: $3500
- Interest rate: 21%
- Loan term: 24 months
Plugging these values into an online calculator, we find:
- Total cost: $4,357 (rounded to the nearest dollar)
- Fixed monthly payment: $181 (rounded to the nearest dollar)
- Total interest paid: $857 (rounded to the nearest dollar)