You owe 1000 on your credit card the apr is 18 compounded, Business Economics

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You owe 1000 on your credit card the apr is 18 compounded

You owe $1000 on your credit card. The APR is 18%, compounded monthly. The credit card company indicates that your minimum payment is $18.07

a) If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assuming no more charges on the card are mad)?

b) If you make a payment of $26.52 each month, how long will it take to repay the $1000 balance?

c) Compare the total interest paid in part (a) with the total interest in part (b)

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Business Economics: You owe 1000 on your credit card the apr is 18 compounded

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Business Economics: You owe 1000 on your credit card the apr is 18 compounded

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