Monthly payment on credit card debt

timer Asked: Jun 1st, 2013

Question description

Assume you have a balance of $3,200 on your credit card that you want to pay off. Calculate your monthly payment and total payment under the given conditions. Assume you make no additional charges to the card, The credit card APR is 20% and you waant to pay off the balance in 2 years:

a) 139,47: $3,036.03

b) 245.12: $5,882,80

c) 195.70: $4,255.90

d) 162,87: $3,908.80

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