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How long take to pay off credit? card for calvin johnson

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Reference no: EM132985638

Problem 1: Calvin Johnson has a ?$6,000 debt balance on his Visa card that charges 15.1 percent APR compounded monthly. In? 2009, Calvin's minimum monthly payment is 2 percent of his debt? balance, which is ?$120. How many months? (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of $120 at the end of each? month? In? 2010, as the result of a federal? mandate, the minimum monthly payment on credit cards rose to 3 percent. If Calvin made monthly payments of ?$180 at the end of each? month, how long would it take to pay off his credit? card?

Reference no: EM132985638

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