a. What is the of the monthly fixed payment on your auto loan? $161.34 b. How much will you pay in interest? $808 a. If you paid an additional $50 a month to your auto loan, how long would it take you to pay it off? 2 yrs 3 months b. How much will you pay in interest? $592 Why is it important to understand the underlying mathematics for computing credit card debt and installment Possible Extensions If you increased the additional amount you paid per month to $100, $125, etc…how would this affect the length of time it would take to pay off your credit card? If you increased the additional amount you paid per month to $100, $125, etc…how would this affect the length of time it would take to pay off your installment loan?
a. What is the of the monthly fixed payment on your auto loan? $161.34 b. How much will you pay in interest? $808 a. If you paid an additional $50 a month to your auto loan, how long would it take you to pay it off? 2 yrs 3 months b. How much will you pay in interest? $592 Why is it important to understand the underlying mathematics for computing credit card debt and installment Possible Extensions If you increased the additional amount you paid per month to $100, $125, etc…how would this affect the length of time it would take to pay off your credit card? If you increased the additional amount you paid per month to $100, $125, etc…how would this affect the length of time it would take to pay off your installment loan?
CreditCard-Final.docx