Question

HELP: 100 POINTS

You owe $1,853.42 on a credit card with a limit of $5,000.00 at a rate of 17.5% APR. You pay $450.00 the first 2 months and then $175.00 until the bill is paid off. You pay the bill on the due date each month,
lComplete the table showing the decreasing debt and fully answer the questions below.

1) How much is your last payment?
2) What is the total amount paid by the time you pay off the credit card? Show your work.

Answer 1

ELP: 100 POINTS

You owe $1,853.42 on a credit card with a limit of $5,000.00 at a rate of 17.5% APR. You pay $450.00 the first 2 months and then $175.00 until the bill is paid off. You pay the bill on the due date each month,

lComplete the table showing the decreasing debt and fully answer the questions below.

1) How much is your last payment?

2) What is the total amount paid by the time you pay off the credit card? Show your work.

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