What percentage of your total payment is interest

Assignment Help Accounting Basics

Reference no: EM131988263

Problem

Suppose that on January 1 you have a balance of $58,000 on a credit card whose APR is 21%, which you want to pay off in 5 years. Assume that you make no additional charges to the card after January 1.

a. Calculate tour monthly payments
b. When the card is paid off, how much will you have paid since January 1.
c. What percentage of your total payment (part b) is interest?

Reference no: EM131988263

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