Question

Upon reading your most recent credit card statement, you are shocked to learn that the balance...

Upon reading your most recent credit card statement, you are shocked to learn that the balance owed on your purchases is $4,000. Resolving to get out of debt once and for all, you decide not to charge any more purchases and to make regular monthly payments until the balance is zero. Assuming that the bank’s credit card annual interest rate is 19.5 percent and the most you can afford to pay each month is $350, how long will it take you to pay off your debt?

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Answer #1

Hence, 12.75 or 13 months will take to payoff the loan.

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