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How much is your monthly payment

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Reference no: EM132579781

You bought a $1200 TV with your new credit card that charges 23% APR. Your plan is to pay off the card in 5 years.

a) How much is your monthly payment?

b) After two years you plan to have better credit and use a card with a lower rate. What will the balance be at this time?

c) If at the two year point, you can then afford to pay $45 per month, how many months will it take you to pay off the balance if the new rate is 12%?

Reference no: EM132579781

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