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round answer up or down to the nearest number Assume you have a $5,000 balance on a credit card that charges 18% annual interest, and
round answer up or down to the nearest number
Assume you have a $5,000 balance on a credit card that charges 18% annual interest, and that you want to pay it off over the next 5 years (round all answers up or down to the nearest dollar and don't use dollar signs): How much do you need to pay each month? How much total interest will you pay over the 5 years? Assume you have a $5,000 balance on a credit card that charges 24% annual interest, and that you want to pay it off over the next 5 years (round all answers up or down to the nearest dollar and don't use dollar signs): How much do you need to pay each month? How much total interest will you pay over the 5 years? Assume you have a $5,000 balance on a credit card that charges 24% annual Interest, and that you want to pay it off over the next 3 years (round all answers up or down to the nearest dollar and don't use dollar signs): How much do you need to pay each month? How much total interest will you pay over the 3 years? Takeaways: It pays to shop around for a lower-interest credit card if you anticipate that you will need to carry a balance (l.e., If you can't pay it off each month). Paying a little more each month to pay off your credit card faster can save a lot in interest. If you have various kinds of debt and you are trying to pay them off, it usually makes sense to try to pay off the highest-interest debt (credit cards) first, by putting any extra money toward paying off that debt while making the minimum payments on everything else Step by Step Solution
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