How much interest will have paid by the end of month

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You have a credit card balance of $15,000 which you plan to repayin 4 monthly payments. You plan to use the following repaymentschedule:

Month 1 pay interest due
Month 2 pay interest due + one-half the original balance
Month 3 pay interest due
Month 4 pay interest due + one-half the original balance

If the credit card company charges an interest rate of 1.5% permonth, how much interest (to the nearest whole dollar) will you have paid by the end of month four?

Reference no: EM13244485

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