John has a credit card with a balance of $5,000 and an interest rate of 18% per year. He wants to pay off the balance in 3 years, and he can afford to make monthly payments of $200. Assuming the interest is compounded monthly, how much interest will he pay over the 3 years, and what will be the total cost of paying off the credit card?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below To solve this problem we can use ... View the full answer