Suppose you have a $10,000 credit card bill, you cut it up, and vow to pay the minimum 3% of the outstanding balance on it each month until it's paid off, BUT it's accruing interest at the rate of 18% per year, or 1 1/2% per month. How many years will it take you to pay off this debt, and how much interest will you end up paying before you are through?

Answer rating: 100% (QA)

Month Outstanding Monthly Interest Monthly Payment Monthly Outstanding a b c b x 15 d 100003 e bcd 1 ... View the full answer