Using an online loan calculator, determine the total cost of repaying a $750 credit card loan with a 17.99% interest rate compounded monthly and a fixed monthly payment over a period of 9 months. Round the answer to the nearest dollar.
The total cost of repaying the loan to the nearest dollar is $_____
To calculate the total cost of repaying the loan, we need to determine the monthly payment amount and then multiply it by the number of months.
We can use the loan calculator to find the fixed monthly payment amount. Based on the loan amount of $750, an interest rate of 17.99% (converted to decimal as 0.1799), and a repayment period of 9 months, the monthly payment is estimated to be $92.
Now, we can multiply the monthly payment by the number of months to find the total cost of repaying the loan:
$92 * 9 = $828.
Therefore, the total cost of repaying the $750 credit card loan over a period of 9 months would be $828.