Mary owes an amount of $1,460 on her credit card. The annual percentage rate (APR) is 3%, compounded monthly.
Mary owes an amount of $1,460 on her credit card. The annual percentage rate (APR) is 3%, compounded monthly. Her minimum monthly payment is $20.
a. If she makes only this minimum payment, how long will it take to repay the card balance (assuming no more charges are made)?
b. If she makes the minimum payment plus $10 extra each month (for a total of $30), how long will it take to repay the card balance?
