Benedict has a credit card with an outstanding balance of $24,000 The credit card charges interest of 19% (compounded monthly). Benedict makes minimum payments of $400. If Benedict adds $50 per month to his current repayment of $400 for his credit card, what will his approximate interest savings be?

Answer rating: 100% (QA)

Making an additional 50 payment each month will significantly reduce the time it takes Benedict to pay off his credit card debt and save him money on ... View the full answer