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Annuity payments Calvin Johnson has a 4 500 debt balance on his Visa card that...

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Basic Math

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Annuity payments Calvin Johnson has a 4 500 debt balance on his Visa card that charges 12 9 percent APR compounded monthly In 2009 Calvin s minimum monthly payment is 2 percent of his debt balance which is 90 How many months round up will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of 90 at the end of each month In 2010 as the result of a federal mandate the minimum monthly payment on credit cards rose to 3 percent If Calvin made monthly payments of 135 at the end of each month how long would it take to pay off his credit card a If Calvin made monthly payments of 90 at the end of each month how long would it take to pay off his credit card months Round up to the nearest unit b If Calvin made monthly payments of 135 at the end of each month how long would it take to pay off his credit card months Round up to the nearest unit GEOED

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