Section 3) This is a 5 part question, please answer the following...

1) John has a credit card with an APR of 23.95% and a current balance of $12,650.35. He wants to pay it off in 3 years. What will John's monthly payment be? (Remember a credit card is compounded monthly.) Round to the nearest dollar.

2) The balance of my MasterCard is $2345.67 with an APR of 27.8%. I make the minimum payment of $125 a month. How long will it take to pay off my MasterCard and how much interest will I pay?

A) 25 months; $779.33

B) 25 months; $785

C) 23 months; $779.83

D) 23 months; $784.15

3) The balance of my American Express is $10,654 with an APR of 28.65%. What are my finance charges for the month of January?

A) $238.42

B) $244.15

C) $259.24

D) $295.42

4) Brady has a Sports Academy credit card. The card has a balance of $5451.29 with an APR of 26.79%. The Academy expects the minimum payment to be 3.5% of the balance. What is Brady's minimum payment? How long will it take Brady to pay off his Sports Academy credit card? How much interest will Brady pay if he only pays the minimum payment?

• Minimum payment_
• Months to payoff_
• Interest_

5) Angela has a QuikTrip credit card. The card has a balance of $988.62 with an APR of 28.75%. The QuikTrip expects the minimum payment to be 4.1% of the balance. What is Angela's minimum payment? How long will it take Angela to pay off her QuikTrip credit card? How much interest will Angela pay if she only pays the minimum payment? Show steps