Assume you have a balance of $1100 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of

Question

Assume you have a balance of $1100 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the same time you charge an additional $80 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. The following table shows how you can calculate your monthly balance. Complete and extend the table to show the balance at the end of each month until the debt is paid off. How long does it take to pay off the credit card debt?

Kunduz · Accepted Answer

Click to see the answer