Mary has a credit card balance of 4 300 at an apr of 12, Finance Basics

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Mary has a credit card balance of 4 300 at an apr of 12

Question: Mary has a credit card balance of $4, 300 at an APR of 12% compounded monthly. Mary has elected to make interest only payments each month.

(A) How much should she expect her monthly payments to be?

(B) What will the balance be in her account after 2 years?

(C) What would the balance be after 5 years? Mary realizes that this is a bad situation and decides that she wants to pay off die balance in one year's time.

(D) How much must she pay each month to have a zero balance in the account?

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Finance Basics: Mary has a credit card balance of 4 300 at an apr of 12

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