Question 1160117
use a financial calculator such as the one found on <a href = "https://arachnoid.com/finance/index.html" target = "_blank">https://arachnoid.com/finance/index.html</a>
your inputs need to be:
present value = 3500
future value = 0
number of periods = 4 years * 12 months per year = 48 months
payment amount = what you want to find
interest rate per period (%) = 21% per year / 12 = 1.75% per month
payment at the end of each month
after making your entries, click on pmt and the calculator will tell you that the amount you need to pay at the end of each month is $108.38.
your total payments are 48 * 108.38 = 5202.24
your total interest paid is 5202.24 minus 3500 = 1702.24
this is based on the payment each month provided by the online calculator, which rounds the monthly payment to the nearest penny.
your solution is that you have to pay $108.38 at the end of each month for 48 months to pay off the balance, assuming you don't charge anything new to the card.