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Interest Rate - credit card example

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Answer the below question and explain calculations please.

Suppose that a friend who spent her junior year abroad has accumulated $2400 worth of debt on her credit card. The card has an APR of 19.6 percent. If she doesn't charge anything additional on the card, how much should she pay each month to pay off the card in

9 months?

15 months?

3 years?

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Solution Summary

Payment required to be made each month to pay off the card as per required periods is calculated.

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Suppose that a friend who spent her junior year abroad has accumulated $2400 worth of debt on her credit card. The card has an APR of 19.6 percent. If she does not charge anything additional on the card, how much should she pay each ...

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