Carla owes $5000 on her credit card. Her statement says her minimum payment due is...
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Finance
Carla owes $5000 on her credit card. Her statement says her minimum payment due is $150.
What percent of the total balance owed does this minimum payment represent?
How long it would take to pay off this debt when making $150 payment each month at 16% APR (assume no other charges are made).
What is the total amount spent on paying off this card?
What if instead of $150 monthly she increased it to $200 monthly. Then how long would it take to pay off?
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