1. Go tohttps://pigly.com/credit-cards/amortization.php, choose "minimum payment percentage" and calculate long it will take to pay your credit card balance and how much interest your will pay, assuming that you have borrowed $8942 (what the average American household owes) at an interest rate of 18%. After you click the "Calculate" button to get those results, click the "Payment Schedule" button to see a pop-up (enable your pop-ups if necessary) similar to this one:

\fCredit Card Amortization Summary print This Principal: $10,000.00 # of Payments: 691 Interest Rate: 18.000% Payment: 2.0% of balance Schedule of Credit Card Payments Please allow for slight rounding differences. Pmt Date Pmt # Pmt Amt Interest Principal Balance 10/2022 1 $200.00 $150.00 $50.00 $9,950.00 11/2022 2 $199.00 $149.25 $49.75 $9,900.25 12/2022 3 $198.01 $148.50 $49.50 $9,850.75 2022 Year Total $597.00 $447.75 $149.25 $9,850.75 1/2023 4 $197.01 $147.76 $49.25 $9,801.50 2/2023 5 $196.03 $147.02 $49.01 $9,752.49