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25 July, 04:09

Jameson has $4,300 in credit card debt with 14% interest that he wants to pay off in 24 months. He will need to make monthly payments of $206.46 each month. Calculate the total cost of repayment and the interest Jameson will pay.

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  1. 25 July, 06:12
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    The answer to this question can be defined as follows:

    net paid interest = $ 655. 04

    Total cost = $ 4955.04

    Step-by-step explanation:

    Given values:

    loan amount = $ 4,300

    monthly payment = $ 206.46

    interest rate = 14 %

    Time = 2 years

    Solution:

    yearly payment = one month amount * 12

    1 year payment = $ 206.46 * 12

    1 year payment = $2477.52

    because Time is 2 year then payment is = $2477.52 * 2

    2 year payment = $ 4955.04

    net interest paid = total payment - loan amount

    = $ 4955.04 - $4300

    = $ 655.04

    total cost = $ 4955.04

    net paid interest = $ 655.04
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