How much quicker will she pay off the hd television

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Reference no: EM131970499

Like many college students, Kristlne applied for a... Bookmark Like many college students, Kristlne applied for and got a credit card that has an annual percentage rate (APR) of 15%.

The first thing she did was buy a new HD Television for $300. At the end of the month, her credit card statement said she only needed to make a minimum monthly payment of $10. Assume Kristine makes her payment when she sees her statement at the end of each month.

If Kristine doesn't charge anything else and only makes the minimum monthly payments, approximately how many months would it take her to completely pay off the HD Television? Assume that the credit card company compounds Interest at the end of each month.

37.8 months

20.8 months

46.3 months

35.8 months

40.2 months

Kristine now realizes she needs to pay more than just the minimum payment (unless she wants to be paying for this HD Television until she graduates). She decides to pay twice the minimum monthly payment ($20 per month), Instead. How much quicker will she pay off the HD Television?

23.1 months

21.1 months

16.8 months

10.3 months

26.4 months

If, Instead, Kristine wants to have the HD Television paid for by the end of the year, what minimum monthly payment must she make?

$26.65

$23.21

$36.10

$35.54

$27.08

Reference no: EM131970499

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