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2 years ago

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Cynthia had a credit card with a 17% APR and a $3,265 balance. She had budgeted to have the credit card paid off in 24 months. B

ut after missing a single monthly payment, Cynthia’s credit card company has increased her interest rate to 21%. How much extra will Cynthia have to pay in finance charges (interest) because of the increase in her APR if she still pays off the credit card in 24 months?

2 answers:

mr Goodwill [35]2 years ago

7 0

The correct answer is <span>a.<span>$152.16</span></span>

Trava [24]2 years ago

7 0

Answer:

Cynthia will have to pay $152.16 extra due to increase in her APR.

Step-by-step explanation:

The EMI formula is =

$\frac{p*r*(1+r)^{n} }{(1+r)^{n}-1 }$

Scenario 1st:

p = 3265

r = $17/12/100=0.014166$

n = 24

Putting the values in the formula:

$\frac{3265*0.014166*(1.014166)^{24} }{(1.014166)^{24}-1 }$

= $ 161.44

Scenario 2nd:

p = 3265

r = $21/12/100=0.0175$

n = 24

Putting the values in the formula:

$\frac{3265*0.0175*(1.0175)^{24} }{(1.0175)^{24}-1 }$

= $ 167.78

The difference between these two are :

$167.78-161.44=6.34$ per month

So, for 24 months, the charge will become = $6.34\times24=152.16$ dollars.

Therefore, Cynthia will have to pay $152.16 extra due to increase in her APR.

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