Assume that you have a credit card from the hypothetical Big Bank. Pick an imaginary outstanding balance. Then, answer the following:
What will be the minimum monthly payment of your outstanding balance if the APR is 18% and it requires a minimum monthly payment of 3%?
How much of the payment each month will go toward the principal?
How much of the payment each month will go to interest?
How long will it take to pay off your debt if you pay only the minimum payments?
What steps can you take to pay off this credit card debt fast?
Write your initial response in a minimum of 300 words. Apply APA standards to citation of sources.