Monica has a credit card balance of $$3,000.$ The minimum monthly payment is $$30$ and the credit card carris an annual interest rate of $18\%.$ If Monica makes a $$50$ monthly payment, how many months will it take her to pay off the credit card? How much in total will Monic pay?

ANSWER

Months

ANSWER $

What if Monica only makes the $$30$ minimum monthly payment. How long would it take her to pay off this $$3,000$ credit card balance?

ANSWER

$\backslash$table$[[$$$50$ Monthly Payment Plan$],[\backslash$table$[[$Number of Years,N$/$A$],[$Number of Periods$/$Year$,],[$Number of Periods,N$/$A$],[$Annual Interest Rate,$],[$Interest Rate$/$Period$,],[$Present Value,$],[$Payment$,],[$Future Value,$],[$Type $($O$=$END; $1=$BEG$),]]]]$

$$30$ Monthly Payment Plan

$\backslash$table$[[$Number of Years,N$/$A$],[$Number of Periods$/$Year$,],[$Number of Periods,N$/$A$],[$Annual Interest Rate,$],[$Interest Rate$/$Period$,],[$Present Value,$],[$Payment$,],[$Future Value,$],[$Type $($O$=$END; $1=$BEG$),]]$

Number of Periods

Number of Periods