5.2 Loan Payments Finding the time necessary until you pay off a loan is simple...
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5.2 Loan Payments Finding the time necessary until you pay off a loan is simple if you make equal payments each month. However, when paying off credit cards, many individuals only make the minimum monthly payment, which is generally $10 or 2 percent to 3 percent of the balance, whichever is greater. You can find a credit card calculator at www.financialcalculators.com. You currently owe $10,000 on a credit card with a 17 percent interest rate and a minimum payment of $10 or 2 percent of your balance, whichever is greater. How soon will you pay off this debt if you make the minimum payment each month? How much total interest will you pay?
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