Question: Use PMT to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5100 and an annual interest
Use PMT to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $5100 and an annual interest 11 rate of 18 win no further purchases charged to the card and the balance being paid off over four years, the monthly payment is $150, and the total interest paid is 52100. You can get a bank tonn at 10.5% with a term of five years. Complete parts (a) and (b) below. .. How much will you pay each month? How does this compare with the credit card payment each manth? Select the correct choice below and fill in the answer boxes (Do not round until the final answer. Then round to the nearest coller as needed) O A The monthly payments for the bank loan are approximately $ more than the monthly credit card payments. OB. The monthly payments for the bank loan are approximately $ This is $ less than the monthly credit card payments This is $
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