Suppose your credit card has a balance of $6,200 and an annual interest rate of 15%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, (a) How...

Extracted text: Suppose your credit card has a balance of $6,200 and an annual interest rate of 15%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, (a) How much must you pay each month? (b) How much total interest will you pay? Now suppose decide to pay off the balance over one year rather than three. (c) How much more must you pay each month? (d) How much less will you pay in total interest? P n Use PMT = - nt 1 - 1+ n to determine the payment amount. Round to the nearest dollar. ..... А. (а) $224 (b) $616 (c) $344 more per month; (d) $1,248 less in total interest В. (а) $224 (b) $1,864 (c) $344 more per month; (d) $1,248 less in total interest С. (а) $215 (b) $1,540 (c) $345 more per month (d) $1,020 less in total interest D. (a) $215 (b) $520 (c) $345 more per month (d) $1,020 less in total interest