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Demonstrate cost of credit card interest to client

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Reference no: EM133272564

You are trying to demonstrate the cost of credit card interest to a client. Assume the client spends $100 per month on their credit card for 5 years and makes no interest or principal payments (i.e. the credit card balance only grows).

The credit card interest rate is 24% and interest is charged monthly (i.e. added to the credit card balance). The 24% interest rate is an APR (annual percentage rate), meaning your monthly interest rate is 2%. The monthly interest is charged on the closing balance from the prior month.

What is the amount of interest charged in the 60th month?

Reference no: EM133272564

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