Suppose that you owe $1,100 on your credit card. The annual percentage rate (APR) is...
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Suppose that you owe $1,100 on your credit card. The annual percentage rate (APR) is 24% compounded monthly and the credit card statement for this month shows that your minimum monthly payment is S20.00. a) If you make only the minimum payment each month, how long will it take you to pay off the balance? oWS Show a cash flow diagram and explain your answer. Assume that no more charges are made. b) If you increase your monthly payment by $5.00 each month, how long will it take you to pay off the $1,100 balance? Assuming no more charges are made
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