Homework answers / question archive / Suppose your credit card balance is $15,500

Suppose your credit card balance is $15,500

Finance

Share With

Suppose your credit card balance is $15,500. The minimum payment is $354, and the annual percentage rate is 20.7%. a. If you make a constant monthly payment of $354, 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?