Cherie owes $6,230 on her Electronics Boutique credit card with a 20.4% interest rate. She owes $2,960 on her Miscellaneous Goods credit cards which has a 28.1% 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?

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anonymous · Answer

@iambatman

anonymous · Answer

@eliassaab @nincompoop

anonymous · Answer

@wio

anonymous · Answer

@jdoe0001

anonymous · Answer

http://www.saab.org/amortization.cgi?amount=6350&interest=20.4&years=3&Compute=Get+The+Schedule&cx=partner-pub-5115837285564136%3A9822674215&ie=UTF-8&q=

anonymous · Answer

http://www.saab.org/amortization.cgi?amount=2960&interest=28.1&years=3&Compute=Get+The+Schedule&cx=partner-pub-5115837285564136%3A9822674215&ie=UTF-8&q=

anonymous · Answer

237.28 + 122.60 = 359.88

anonymous · Answer

The results above suppose that the interest is compounded monthly.

anonymous · Answer

See the link http://www.vertex42.com/ExcelArticles/amortization-calculation.html to see the formula for computing the payment per period. r=interest/12 and n=36

anonymous · Answer

Those are not any of the answer choices that are listed @eliassaab 
 $255.28
 $355.40
 $380.63
 $343.41

anonymous · Answer

The answer is 355.40
I took the first card amount wrong. Now it is correct

anonymous · Answer

Can you help me on a few more @eliassaab

anonymous · Answer

Can you @eliassaab

anonymous · Answer

Post  a new question as a new problem. Close this one first.