Recently, you made multiple large purchases on your credit card totaling $10,350. The interest rate on your credit card is 15.5% per year, compounded monthly, and your statement says your minimum payment is $245 per month. a. How many minimum payments credit card and do not make will need to make off your purchases, assuming you cut up you to рay your any additional purchases? You will need minimum payments. b. How much total interest will you pay by making the minimum monthly payment?

Recently, you made multiple large purchases on your credit card totaling $10,350. The interest rate on your credit card is 15.5% per year, compounded monthly, and your statement says your minimum payment is $245 per month. a. How many minimum payments credit card and do not make will need to make off your purchases, assuming you cut up you to рay your any additional purchases? You will need minimum payments. b. How much total interest will you pay by making the minimum monthly payment?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 8FPE

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