Question: What formulas do I use for a,b,c . & can you show me step by step what to do t. QuestionSheet Chapter 1 Consumer Finance
What formulas do I use for a,b,c . & can you show me step by step what to do

t. QuestionSheet Chapter 1 Consumer Finance / Section 1.4 Digital Exercises cises Remaining Time: Unlimited Suppose you have a credit card that charges an APR of 18.21%, and you have a balance of $19,000. a. The credit card company allows for a minimum payment of $475 per month. How long will it take to pay off the credit card if you pay only the minimum each month? Note that there is trial-and-error involved in this problem. b. Instead of paying the minimum payment each month, suppose you are determined to pay off the card in one year (in 12 equal monthly payments). What would your payments be? c. Create an amortization schedule for part b. Round all answers to 2 decimal places. a. How long to pay off the card with the minimum payment? Number months b. Monthly payments to pay off the card in 12 months. $ Number C. End of Month Interest Principal Ending Balance $ Number Number Number 2 $ Number $ Number Number 3 $ Number Number Number 4 $ Number Number s Number 5 $ Number Number Number 6 Number Number $ Number 7 $ Number Number Number 8 $ Number Number Number 9 s Number Number Number 10 $ Number Number $ Number 11 Number Number s Number 12 Number Number $ Number
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