Megan uses a credit card with a 24.9% APR compounded monthly to pay for car repairs totaling $583.75. She can pay $240 per month on the card. What will the total cost of this purchase be

Question

Floyd

Mathematics

17 March, 06:27

Megan uses a credit card with a 24.9% APR compounded monthly to pay for car repairs totaling $583.75. She can pay $240 per month on the card. What will the total cost of this purchase be

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Carla · Answer 1

It is convenient to use a spreadsheet to compute the finance charge and the new balance each month. The graphic here shows the beginning balance and finance charge for each of the 3 months it will take Megan to pay off the purchase.

Her total expense is $605.80.