Question: Suppose when you're 21 , you charge $1,925 for a Spring Break trip on a credit card with a 19 percent (annual) interest rate. Assume

Suppose when you're 21 , you charge $1,925 for a Spring Break trip on a credit card with a 19 percent (annual) interest rate. Assume that the minimum payment cannot be less than $15.00 per month in any given month except the LAST month of payment. Now assume that the minimum payment amount is based on 2.5 percent of the outstanding balance on the card. What is the minimum monthly payment amount (for any month except the last month)? How old will you be at the time of payoff of the total amount (assuming that you do not charge anything else on the card Age at payoff: * remember, you were 21 when you started * Total number of payments: Total amount of interest paid: $15 min payment; 36 years old; 191 payments; $2646.64 interest $99 min payment; 36 years old; 191 payments; $2646.64 interest $15 min payment; 39 years old; 199 payments; $2646.64 interest $15 min payment; 29 years old; 199 payments; $2646.64 interest
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