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StatisticsAssume you have a balance of $3200 on your credit card that you want to pay off. Calculate your monthly payment and total payment under the given conditions. Assume you make no additional charges to the card.The credit card APR is 19% and you want to pay off the balance in 2 years. Answer   $138.14; $3020.94   $242.74; $5825.73   $193.82; $4234.50   $161.31; $3871.38

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In reply to #1: For the monthly payment we use the formula:

 

PMT = [ P(r/n )]/[ 1 - (1 + (r/n))^(-nt) ]

where P = loan needed to be pay

          r = APR

          n =...

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