Respuesta :
Answer with explanation:
Amount Owed on the credit Card by me = $ 1568.00
Rate of Interest =11.3% APR
[tex]=\frac{113}{1200}[/tex]
Amount Paid Per Month =$ 300
After first Month Amount left which is to be Paid by me= $ 1568 - $ 300
= $ 1268
Total Amount that has to be paid when amount of $300 has been Paid
[tex]=1268 +\frac{1268 \times 11.3 \times 1}{1200}\\\\=1268 +11.95\\\\=1279.95[/tex]
⇒After Second Month Amount left which is to be Paid by me= $ 1279.95 - $ 300 = $ 979.95
Total Amount that has to be paid when amount of $600 has been Paid
[tex]=979.95 +\frac{979.95 \times 11.3 \times 1}{1200}\\\\=979.95 +9.23\\\\=989.18[/tex]
⇒After third Month Amount left which is to be Paid by me= $ 989.18 - $ 300 = $ 689.18
Total Amount that has to be paid when amount of $900 has been Paid
[tex]=689.18 +\frac{689.18 \times 11.3 \times 1}{1200}\\\\=689.18 +6.49\\\\=695.67[/tex]
⇒After Fourth Month Amount left which is to be Paid by me= $ 695.67 - $ 300 = $ 395.67
Total Amount that has to be paid when amount of $1200 has been Paid
[tex]=395.67 +\frac{395.67 \times 11.3 \times 1}{1200}\\\\=395.67 +3.73\\\\=399.40[/tex]
⇒After Fifth Month Amount left which is to be Paid by me= $ 399.40 - $ 300 = $ 99.40
Total Amount that has to be paid when amount of $1500 has been Paid
[tex]=99.40 +\frac{99.40 \times 11.3 \times 1}{1200}\\\\=99.40 +0.94\\\\=100.34[/tex]
So, in the end you pay a total of $ 100.34.
Total Money in the beginning = $ 1568.00
Total money paid including Interest = $300×5+$100.34
=$1600.34
So, total Interest Paid =$ 1600.34 -$ 1568.00
= $ 32.34
