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with only a part time job and the need for a professional wardrobe, Rachel quickly maxed...

with only a part time job and the need for a professional wardrobe, Rachel quickly maxed out her credit card the summer after graduation. with her first full-time paycheck in august, she vowed to pay $260 each month toward paying down her $6,395 outstanding balance and not to use the card. the card has an annual interest rate of 22 percent. how long will it take Rachel to pay for her wardrobe? should she shop for a new card? why or why not?
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Answer #1

Total she will take 32.9 months if she pay $260 each month at the rate of 22 Percent.

To get new card previous all balances must be paid off. Because credit card issued as per credit score of individual it may differ for individual countries. Therefore to purchase new credit card she needs to pay all balances. But paying 260 dollars per month will take her 32.9 moth to get new one.

Note- please find me in comment box if you find any difficulty. Good luck.

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