Using an online calculator, determine the total cost, fixed monthly payment, and the total interest paid when repaying a credit card loan of $3,500 with a 21% interest rate compounded monthly over a 24-month term. Round the answer to the nearest dollar.(2 points)
Using an online calculator, the total cost of repaying a credit card loan of $3,500 with a 21% interest rate compounded monthly over a 24-month term is $4,230.
The fixed monthly payment needed to repay the loan is approximately $176.
The total interest paid is approximately $730.
Using an online calculator, determine the total cost, fixed monthly payment, and the total interest paid when repaying a credit card loan of $3,500 with a 21% interest rate compounded monthly over a 24-month term. Round the answer to the nearest dollar.(2 points)
Using an online calculator, the total cost of repaying a credit card loan of $3,500 with a 21% interest rate compounded monthly over a 24-month term is $4,230.
The fixed monthly payment needed to repay the loan is approximately $177.
The total interest paid is approximately $730.