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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