list two pros and two cons to borrowing on credit. Has researching the cost of

timer Asked: Jun 12th, 2015

Question description

please message me for more info..300 words

Go to the Bankrate Calculator. Enter the amounts below in the fields of the site. ONLY USE THE CALCULATOR. For the purposes of this exercise, assume the following:

  • You have a credit card balance of $500
  • You have an APR of 24%
  • You have a minimum payment amount of 5% ($25)
  • Determine the cost of credit.
    • How long will it take you to pay off the amount?
    • How much in interest will you pay?
    • What happens if you change the monthly payment to 3% ($15)? To 8% ($40)?

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