Use PMT $=\frac{P(\frac{r}{n})}{1-(1+\frac{r}{n}{)}^{-nt}}$ to determine the regular payment amount, rounded to

the nearest dollar. Your credit card has a balance of $$4600$ and an annual interest

rate of $18\%.$ With no further purchases charged to the card and the balance being

paid off over three years, the monthly payment is $$166,$ and the total interest paid is

$$1376.$ You can get a bank loan at $10\mathrm{.}5\%$ with a term of four years. Complete parts

$($a$)$ and $($b$)$ below.

a$.$ How much will you pay each month? How does this compare with the credit$-$card

payment each month? Select the correct choice below and fill in the answer boxes to

complete your choice.

$($Do not round until the final answer. Then round to the nearest dollar as needed.$)$

A$.$ The monthly payments for the bank loan are approximately $

This is

$

less than the monthly credit$-$card payments.

B$.$ The monthly payments for the bank loan are approximately $

This is

$

more than the monthly credit$-$card payments.