5.2 Loan Payments Finding the time necessary until you pay off a loan is simple if you make equal payments each month. H
Posted: Thu May 19, 2022 7:15 am
5.2 Loan Payments Finding the time necessary until
you pay off a loan is simple if you make equal payments each month.
However, when paying off credit cards, many individuals only make
the minimum monthly payment, which is generally $10 or 2 percent to
3 percent of the balance, whichever is greater. You can find a
credit card calculator at www.financialcalculators.com. You
currently owe $10,000 on a credit card with a 17 percent interest
rate and a minimum payment of $10 or 2 percent of your balance,
whichever is greater. How soon will you pay off this debt if you
make the minimum payment each month? How much total interest will
you pay?
you pay off a loan is simple if you make equal payments each month.
However, when paying off credit cards, many individuals only make
the minimum monthly payment, which is generally $10 or 2 percent to
3 percent of the balance, whichever is greater. You can find a
credit card calculator at www.financialcalculators.com. You
currently owe $10,000 on a credit card with a 17 percent interest
rate and a minimum payment of $10 or 2 percent of your balance,
whichever is greater. How soon will you pay off this debt if you
make the minimum payment each month? How much total interest will
you pay?