Listed below are the balances and annual percentage rates for jimmy's credit cards. if jimmy makes the same payment each month to pay off his entire credit card debt in the next 12 months, how much will he have paid in interest in the 12 month period? (hint, find out how much interest jimmy pays to each card over the 12 months seperately, and then add them together.) credit card current balance apr a $563.00 16% b $2,525.00 21% c $972.00 19% a. $321.83 b. $370.75 c. $449.24 d. $730.80 c

Hi there
We know that the formula of the present value of annuity ordinary is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value
PMT monthly payment
R interest rate
K compounded monthly 12 because the payment is monthly
N time
What we need from the formula above to find the monthly payment
So to find the monthly payment the formula
PMT=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
Another important things we need is how to find total payments and interest charge
To find total payments
Monthly payment×12
And to find interest charge
Total payments-present value

Now let's find interest charge for each credit card
Credit card A
The monthly payment is
PMT=563÷((1−(1+0.16÷12)^(
−12))÷(0.16÷12))=51.08
Total payments
51.08×12=612.96
interest charge
612.96−563=49.96

Credit card b
PMT=2,525÷((1−(1+0.21÷12)^(
−12))÷(0.21÷12))=235.11
Total payments
235.11×12=2,821.32
interest charge
2,821.32−2,525=296.32

Credit card c
PMT=972÷((1−(1+0.19÷12)^(
−12))÷(0.19÷12))=89.58
Total payments
89.58×12=1,074.96
interest charge
1,074.96−972=102.96

So total interest charge for all credit cards is
102.96+296.32+49.96
=449.24final answer

It's c

Good luck!