Suppose your credit card balance is $17,000

Finance Aug 05, 2020

Suppose your credit card balance is $17,000. The minimum payment is $324, and the annual percentage rate is 20.9%. a. If you make a constant monthly payment of $324, how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? a. If you make a constant monthly payment of $324, how long will it take you to pay off the credit card balance? months (Round to four decimal places.)
b. How much interest will you pay if you elect to make the minimum payment?

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