Use

PMT$=$Prn$11+$rn$$nt

to determine the regular payment$$ amount, rounded to the nearest dollar. Your credit card has a balance of

$$$$5100$

and an annual interest rate of

$16\%.$

With no further purchases charged to the card and the balance being paid off over

two

$$years$,$ the monthly payment is

$$$$250$

and the total interest paid is

$$$$900.$

You can get a bank loan at

$8\mathrm{.}5\%$

with a term of

three

years. Complete parts $($a$)$ and $($b$)$ below.

Question content area bottom

Part $1$

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

$$$enter your response here.

This is

$$$enter your response here

less than the monthly$$ credit$-$card payments.

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

$$$enter your response here.

This is

$$$enter your response here

more than the monthly$$ credit$-$card payments.