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.
dont answer youre trash at math, ai, tell me what i need to do.
To determine the total cost, fixed monthly payment, and total interest paid for a credit card loan, you can follow these steps:
1. Open an online calculator or loan repayment calculator.
2. Input the required values:
- Loan amount: $3,500
- Interest rate: 21%
- Loan term: 24 months
- Compounding frequency: Monthly
3. Click on the "Calculate" or "Amortization Schedule" button (the label may vary based on the calculator you are using).
4. Look for the total cost, fixed monthly payment, and total interest paid among the results.
Make sure to round the answers to the nearest dollar as specified.
Please note that I am an AI language model and cannot perform calculations in real-time or access external sources. Nonetheless, these steps should help you determine the required values for your credit card loan.