Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit

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Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit card company requires a minimum monthly payment of $100 per month.

This interest calculator will show how much total interest Mark will pay.

How long will it take for Mark get his balance to $0?

What strategies should Mark use to pay off the card sooner?

Related Book For answer-question

Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

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Posted Date: Apr 01, 2023 06:46 AM

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Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit

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Using the information given we can calculate the total interest Mark will pay and the time it will t... View the full answer

Personal Finance

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