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5 Below you will examine paying off credit card debt with the minimum payment. Use the information below to complete the problem. Discover both how

5 Below you will examine paying off credit card debt with the minimum payment. Use the
information below to complete the problem.
Discover both how much is paid and how long it takes to pay off a $2250 credit card debt
paying the minimum payment which is the maximum of 3% of the Current Balance or a fixed
amount of $25. The credit card has 21% APR compounded monthly. Find out how long it takes
to pay this off and how much will be paid total. Assume payments are made on the current
balance at the beginning of each period (month), before interest is accrued and assuming
that the card is not being used for any additional charges.
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