Sherri owes $5,500 on her credit card. The card has an APR of 14.9 percent. Sherri has decided not to charge any additional purchases because she wants to get this debt paid in full. A) How much longer will it take her to pay off this balance if she makes monthly payments of $70 rather than $80? B) What is her total interest payment in both cases? To "show your work" - show your calculations either using formulas or financial calculator.

Answer rating: 100% (QA)

To calculate how long it will take Sherri to pay off her credit card balance and the total interest ... View the full answer