Caitlin has a balance of $4,880 on her credit card that has an APR of 16%. She currently pays the minimum monthly payment of $105. 86. If Caitlin wants to pay off her balance in 20 months, determine the monthly payment she would need to make. Choose the following modification with the least cuts to her current expenses that will allow Caitlin to pay off her balance in 20 months. Income Wages $2,896. 00 Expenses Rent $1200. 00 Utilities $212. 64 Food/Clothes $335. 00 Entertainment $346. 00 Car $490. 00 Credit Card $105. 86 Cell Phone $116. 37 Net Income $90. 13 a. Caitlin can eliminate $100 from Food/Clothes and $85 from Entertainment. B. Caitlin can eliminate $62 from Food/Clothes and $49 from Entertainment. C. Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment. D. The minimum payment is enough to pay off the balance within 20 months.

Question

17-03-2022
Mathematics

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Caitlin has a balance of $4,880 on her credit card that has an APR of 16%. She currently pays the minimum monthly payment of $105. 86. If Caitlin wants to pay off her balance in 20 months, determine the monthly payment she would need to make. Choose the following modification with the least cuts to her current expenses that will allow Caitlin to pay off her balance in 20 months. Income Wages $2,896. 00 Expenses Rent $1200. 00 Utilities $212. 64 Food/Clothes $335. 00 Entertainment $346. 00 Car $490. 00 Credit Card $105. 86 Cell Phone $116. 37 Net Income $90. 13 a. Caitlin can eliminate $100 from Food/Clothes and $85 from Entertainment. B. Caitlin can eliminate $62 from Food/Clothes and $49 from Entertainment. C. Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment. D. The minimum payment is enough to pay off the balance within 20 months.

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jainveenamrata jainveenamrata · Answer 1 · 2022-03-24T12:32:49+01:00

If Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment. Then she can pay the credit amount in 20 months.

What is APR?

APR on a credit card is the way of saying that the interest you are charged over a year is equal to roughly of your balance.

Caitlin has a balance of $4,880 on her credit card that has an APR of 16%.

She currently pays the minimum monthly payment of $105. 86. If Caitlin wants to pay off her balance in 20 months, determine the monthly payment she would need to make.

Choose the following modification with the least cuts to her current expenses that will allow Caitlin to pay off her balance in 20 months.

Income

Wages $2,896. 00

Expenses

Rent $1200. 00

Utilities $212. 64

Food/Clothes $335. 00

Entertainment $346. 00

Car $490. 00

Credit Card $105. 86

Cell Phone $116. 37

Net Income $90. 13

The net amount will be over 20 months is 5591.8.

Monthly payback will be

[tex]\rm Monthly\ pay = \dfrac{5591.8}{20}\\\\Monthly\ pay = 279.59[/tex]

She was paying 105.68 dollars per month. Then the amount will be

Amount = 279.59 – 105.68 = 173.73

If Caitlin can eliminate $54 from Food/Clothes and $120 from Entertainment. Then she can pay the credit amount in 20 months.

More about the APR link is given below.

https://brainly.com/question/8846837