Calculate your monthly payments when the card is paid off, Accounting Basics

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Calculate your monthly payments when the card is paid off

Problem

Suppose that on Jan 1 you have a balance of 51000 on a credit card whose APR is 16% Which you want to pay off in 1 year. Assume that you make no additional charges to card after Jan, 1.

(a) Calculate your monthly payments.
(b) When the card is paid off, how much will you have paid since Jan 1?

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Accounting Basics: Calculate your monthly payments when the card is paid off

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Accounting Basics: Calculate your monthly payments when the card is paid off

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