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5. Suppose you have a credit card debt of $4000 with an annual interest rate of 24%. You decide to pay off your balance over
5. Suppose you have a credit card debt of $4000 with an annual interest rate of 24%. You decide to pay off your balance over a 3 year period. a.) How much will you need to pay each month assuming you make no further purchases? b.) How much interest have you paid? c. Suppose you can afford monthly payments of$200. Write what you will put in the calculator. d.) How long will it take you to pay off your credit card? e.) How much total have you paid? f.) How much interest have you paid?
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