You owe $2000 on a credit card. The card charges 1.5%
Chapter , Problem 4.1.58(choose chapter or problem)
You owe $2000 on a credit card. The card charges 1.5% monthly interest on your balance, and requires a minimum monthly payment of 2.5% of your balance. All transactions (payments and interest charges) are recorded at the end of the month. You make only the minimum required payment every month and incur no additional debt. (a) Complete Table 4.4 for a twelve-month period. (b) What is your unpaid balance after one year has passed? At that time, how much of your debt have you paid off? How much money in interest charges have you paid your creditors? Table 4.4 Month Balance Interest Minimum payment 0 $2000.00 $30.00 $50.00 1 $1980.00 $29.70 $49.50 2 $1960.20
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