When the card is paid off how much will you have paid since, Accounting Basics

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When the card is paid off how much will you have paid since

Problem

Suppose that on January 1 you have a balance of $3600 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1.

a. Calculate monthly payments
b. When the card is paid off, how much will you have paid since January 1?
c. What percentage of your total payment from part (b) is interest?

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Accounting Basics: When the card is paid off how much will you have paid since

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