How long would take to pay off the credit? card

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Problem 1: Calvin Johnson has a ?$4,500 debt balance on his Visa card that charges 16.4 percent APR compounded monthly. In? 2009, Calvin's minimum monthly payment is 4 percent of his debt? balance, which is ?$180. How many months? (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of $180 at the end of each? month? In? 2010, as the result of a federal? mandate, the minimum monthly payment on credit cards rose to 5 percent. If Calvin made monthly payments of ?$225 at the end of each? month, how long would it take to pay off his credit? card?

Reference no: EM132985637

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