Carolyn owes $9,620 on her Electronics Boutique credit card with a 16.4% interest rate. She owes $3,970 on her Miscellaneous Goods credit cards which has a 24.6% interest rate. What is the total monthly payment needed to pay off both cards in three years, assuming she makes fixed payments and does not charge any more purchases with the card?

$377.50

$537.47

$497.12

$480.47

Question

Carolyn owes $9,620 on her Electronics Boutique credit card with a 16.4% interest rate. She owes $3,970 on her Miscellaneous Goods credit cards which has a 24.6% interest rate. What is the total monthly payment needed to pay off both cards in three years, assuming she makes fixed payments and does not charge any more purchases with the card?

 $377.50

 $537.47

 $497.12

 $480.47

anonymous · Answer

The interest amounts don't matter here: 

Just add the two totals together: $9620 + $3970= $13590 
Divide by 36 months(3 years) and you get $377.5, which is A) 
Hope this helps!

anonymous · Answer

@meaghan.dowlingx33 Was TerrelD99 right??