You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5%
Fantastic news! We've Found the answer you've been seeking!
Question:
You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay $400.00 the first 2 months and then $200.00 until the bill is paid off. You pay the bill on the due date each month.
- Complete the table showing the decreasing debt.
- How much is your last payment?
- What is the total amount paid by the time you pay off the credit card?
- What was your debt ratio at the beginning?
Be sure to include in your response:
- All parts of the table are complete and calculations correct
- The answers to the additional questions
Month | ||||||||||
Principal | ||||||||||
Interest accrued | ||||||||||
Payment (on due date) | ||||||||||
End-of-month balance |
Related Book For
Posted Date: