Question 4 • Personal Finance - EL3403
Use the standard loan-payment formula for each card: monthly payment = balance × (monthly interest rate) ÷ [1 − (1 + monthly interest rate)⁻²⁴], with monthly interest rate equal to APR ÷ 12. The four monthly payments are approximately $120.00, $218.20, $78.50, and $46.21. Adding them gives about $462.91, so the total monthly payment is choice D, $462.91.
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