(Annuity payments) Calvin Johnson has a $4,000 debt balance on his Visa card that charges 16.9 percent APR compounded mo

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Annuity Payments Calvin Johnson Has A 4 000 Debt Balance On His Visa Card That Charges 16 9 Percent Apr Compounded Mo 1 (57.82 KiB) Viewed 12 times

(Annuity payments) Calvin Johnson has a $4,000 debt balance on his Visa card that charges 16.9 percent APR compounded monthly. In 2009, Calvin's minimum monthly payment is 2 percent of his debt balance, which is $80. How many months (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of $80 at the end of each month? In 2010, as the result of a federal mandate, the minimum monthly payment on credit cards rose to 3 percent. If Calvin made monthly payments of $120 at the end of each month, how long would it take to pay off his credit card?