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How long will take sam to pay off the loan at the rate

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Reference no: EM132582029

Question 1: Sam used his credit card on a recent vacation and spent $2,500 on this card. he has made a decision not to use the card for any additional purchase till the balance is paid off. however, based on his cash flows, he can afford to pay only $50 a month, the minimum balance. the APR on his card is 19.9%. how long will it take Sam to pay off this loan at this rate? if Sam pays $60 a month, how long will it take now?

Reference no: EM132582029

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