You have a credit card balance of $1,800. You can only afford to make the minimum payment of $30, which is due at the end of each month. If the APR on the credit card is 18%, how many years will it take you to pay off the card balance?

Give correct solution

Your credit card carries an annual rate of 21.6% APR with a minimum payment due monthly. If you don’t pay the monthly minimum amount for a year, what is its EAR?

Your credit card has a balance of $4100 and an annual interest rate of 15%. You decide to pay off the balance over three years. If there are no further purchases charged to the card, you must pay $142.13 each month, and you will pay a total interest of $1016.68. Assume you decide to pay off the balance over one year rather than three. How much more must you pay each month and how much less will you pay in total interest? Use PMT= P -nt 1- (1 +-7) - ² to determine the regular payment amount. You will pay $ more each month. (Round to the nearest cent as needed.)