(b) With a constant monthly payment of $40 per month, how many years would it take to pay off the balance?(c) If you paid twice the minimum payment, how long would it take to pay off the card? What is the total amount you would pay?___yearsTotal of $___(d) How much money would you save in interest if you paid twice the minimum payment? Starting in 2010, credit card companies were required to provide the information in Table 10.5each month. The numbers there are for a bill with a balance of $2,020.37, a minimum paymentof $40.00, and an annual percentage rate of 12.24%.If you make no additional chargesusing this card and each month youpay ...Only the minimum payment$67You will pay off the balanceshown on this statement Inabout ...18 years3 yearsAnd you will end uppaying an estimated totalof ...$3,843$2,426

Credit card are very common now days but the charges are very much so one has to very careful when…

Answered: (b) With a constant monthly payment of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12MC: South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales...

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(b) With a constant monthly payment of $40 per month, how many years would it take to pay off the balance? (c) If you paid twice the minimum payment, how long would it take to pay off the card? What is the total amount you would pay? ___years Total of $___ (d) How much money would you save in interest if you paid twice the minimum payment?

Starting in 2010, credit card companies were required to provide the information in Table 10.5
each month. The numbers there are for a bill with a balance of $2,020.37, a minimum payment
of $40.00, and an annual percentage rate of 12.24%.
If you make no additional charges
using this card and each month you
pay ...
Only the minimum payment
$67
You will pay off the balance
shown on this statement In
about ...
18 years
3 years
And you will end up
paying an estimated total
of ...
$3,843
$2,426

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