SCENARIO A: CREDIT CARD BALANCE OF $1,000
1. Interest rate: 18.9%
Minimum payment: $40 (typically about 3% or 4% of the total debt)
Select “Calculate” and then “Review Report”
a. How long will it take to pay off the debt? ______ years and ______ months
b. How much is the total interest paid on the $1,000 debt? $_______