Question 9 Assume that Sean and Catherine only pay the minimum payment on Credit Card #2 (balance $6,500). The minimum balance is 3% of the total balance. What is their minimum monthly payment? $195 Question 10 Using the BankRate calculator and the minimum payment you calculated above, if Sean and Catherine pay the minimum payment plus an additional $25, how many months would it take them to pay off their credit card loan based on a 15.9% APR?
Question 9 Assume that Sean and Catherine only pay the minimum payment on Credit Card #2 (balance $6,500). The minimum balance is 3% of the total balance. What is their minimum monthly payment? $195 Question 10 Using the BankRate calculator and the minimum payment you calculated above, if Sean and Catherine pay the minimum payment plus an additional $25, how many months would it take them to pay off their credit card loan based on a 15.9% APR?
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter6: Using Credit
Section: Chapter Questions
Problem 9FPE
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