Kearny currently makes $150 minimum payments at the beginning of each period on his credit card debt of $8,502. His interest rate on this debt is 18.99% per year. Kearny decides to pay a one-time extra payment of $2,000 on his credit card? Use his new balance to calculate the answers to these questions? At the minimum ($150 payment), how many years will it take Kearny to pay off this debt?

Answer rating: 100% (QA)

After making the onetime extra payment of 2000 Kearnys new credit card balance ... View the full answer