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Determining the current minimum payment

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Chris Griffin has a $5,000 debt balance on his Visa card that charges 18.9 percent compounded monthly, and his minimum monthly payment is 3 percent of his debt balance, which is $150. How many months(round up) will it take Chris to pay off his credit card if he pays the current minimum payment of $150 at the end of each month?

If Chris made monthly payments of $200 at the end of each month, how long would it take to pay off his credit card(round up)?

For Chris to pay off his credit card if he pays the current minimum payment of $150 at the end of each month, it will take approximately how many months.(Round up to the nearest integer.)If Chris pays $200 at the end of each month, it will take approximately how many months.(Round up to the nearest integer.)

Reference no: EM131238192

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