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17. Paying off credit cards Simon recently received a credit card with an 15% nominal interest rate. With the card, he purchased an Apple iPhone
17.
Paying off credit cards
Simon recently received a credit card with an 15% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $370. The minimum payment on the card is only $20 per month.
- If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Round your answer to the nearest whole.month(s)
- If Simon makes monthly payments of $60, how many months will it be before he pays off the debt? Round your answer to the nearest whole.month(s)
- How much more in total payments will Simon make under the $20-a-month plan than under the $60-a-month plan. Make sure you use 3 decimal places for N. Round your answer to the nearest cent.
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