Suppose you have a $700 balance and an APR of 18%. Your minimum payment is $17.50 and future minimum payments are calculated based on the interest and 1% of your balance.

20. Enter these values into the calculator. How many months will it take to pay off your card if you make only the minimum payment? Note this assumes you make no further purchases!

21. Convert your answer for #20 into years and months.

22. Continuing from the previous question, how much interest would you pay?

23. Now suppose that you make no more purchases and commit to paying $70 each month. How long will it take to pay off the card? How much interest will you pay?