Problem: The Time Value of Money
Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit card company requires a minimum 2% payment, this is $100 per month.
This interest calculator will show how much total interest Mark will pay.
Write a short paper (300 to 500 words) that answers the following questions:
a) How long will it take for Mark get his balance to $0? (Use the interest calculator linked above.)
b) What strategies should Mark use to pay off the card sooner?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.