To determine the total cost, fixed monthly payment, and total interest paid, we will use an online loan payment calculator.
Using the given information:
- Loan amount: $3500
- Interest rate: 21%
- Loan term: 24 months
Plugging these values into an online calculator, we find:
- Total cost: $4,357 (rounded to the nearest dollar)
- Fixed monthly payment: $181 (rounded to the nearest dollar)
- Total interest paid: $857 (rounded to the nearest dollar)
Using an online calculator, determine the total cost, fixed monthly payment and the total interest paid when repaying a credit card loan of 3500 with a 21% interest rate compounded monthly over a 24-month period. Round to answer to nearst dollar
1 answer
1 answer