What is the total interest cost to borrow

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Reference no: EM131047345

Suppose you have a $7,500 balance on your credit card. The intrest rate is 15% and the monthly payment is $200.Reset the interest rate to 15% and change the balance to $2,500 . What is the total interest cost to borrow?

To find Total Interest Cost:

1st: Find N

2nd: N x PMT = Total Cost

3rd: Total Cost - Balance = Total Interest Cost

Reference no: EM131047345

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