Question

You have $25,000 of credit card debt, and you decide that you will never charge another

cent on this card. You pay only the minimum that the credit card company asks you to
pay each month. Your interest rate is 18 percent and the minimum payment is just 2
percent of your balance. How long will it take you to pay off the debt in full if you never
charge another cent?
O 22 years
34 years
0 73 years
08 years

Answer 1

73 years

Step-by-step explanation:

I took a quiz with this question and 73 was correct.

Answer 2

500x12= 6000$ premium payment
18x25000= 4500-6000= 1500-25000= 23500x18%= 4230-6000= 1770-23500= 21730x18%= 3911.4-6000=2088.6-21730=19641.4x18%=3535.452-6000=2464.548-19641.4=17176.852. It probably will take you 22 years