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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
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3 votes
3 votes
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

User Senat
by
3.1k points

2 Answers

23 votes
23 votes

Answer:

73 years

Step-by-step explanation:

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

User Davaus
by
2.8k points
19 votes
19 votes

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
User Vivek Parekh
by
2.9k points
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