Assume that you have a balance of 5000 on a credit card, Ask an Expert

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Assume that you have a balance of $5,000 on a credit card that carries an annual percentage rate of 19%. You start making monthly payments of $200, but at the same time you charge an additional $125 per month (assume that this charge is made at the end of the month and interest is calculated on the balance before the charge is added).

Make a table that shows month, beginning balance, payment, interest, charge amount, and end balance. Make sure you change the INTEREST column above to be (B2*.19)/12

a. Assuming that the scenario above doesn't change, how long will it take to pay off the credit card debt?
b. How much interest would you pay in the end?

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Category:- Basic Finance
Reference No.:- M9791530

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