Suppose that you have a credit card debt balance of $5,000.00. The card charges 13.99% interest (compounded monthly) and you are going to make monthly payments of $100.00 to pay down the debt and you will not make any more charges on the card.
Assuming that you are not late in your payments and not other fees or charges are made to the account, how long will it take to pay off the entire balance? How much longer is this compared to being charged 0.00% interest?
This question was answered on: Sep 16, 2020
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