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.
Using an online calculator, the total cost to repay the credit card loan of $3,500 with a 21% interest rate compounded monthly over a 24-month term is $4,340. The fixed monthly payment is $181, and the total interest paid is $840.
