Need help solving A new employee charged $4710 on his credit card to relocate for his first job. After noticing that the interest rate for hisbalance was 27% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 2years using automatic payments sent at the end of each month.a. What monthly payment must he make to pay off the account at the end of 2 years?b. How much total interest will he have paid?a. What monthly payment must he make to pay off the account at the end of 2 years?$(Round to the nearest cent as needed.)b. How much total interest will he have paid?$ (Round to the nearest cent as needed.)

Data given: PV= $4710 r=27% compounded monthly n= 2 years Working Note #1 Calculation of monthly…

Answered: A new employee charged $4710 on his…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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