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You have 3 attempts remaining, Recently, you made multiple large purchases on your credit card totaling $18,025. The interest rate on your credit card is
You have 3 attempts remaining, Recently, you made multiple large purchases on your credit card totaling $18,025. The interest rate on your credit card is 15.6% per year, compounded monthly, and your statement says your minimum payment is $360 per month. a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up your credit card and do not make any additional purchases? You will need 81 minimum payments. b. How much total interest will you pay by making the mini im monthly payment? Total interest = $
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