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You have a credit card with an APR of 23%. The terms of your agreement say that your minimum payment is 3% of your balance
- You have a credit card with an APR of 23%. The terms of your agreement say that your minimum payment is 3% of your balance or $25, Whichever is greater." You rack up $720 in charges. Use this calculator(https://www.creditcards.com/calculators/minimum-payment/) to determine how much you will pay in interest charges if you make minimum monthly payments. (6.3)
a. 43 months
b. about $340
c. about $165
d. Not enough information.
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