Pay off credit card debt in a reasonable period of time

Reference no: EM131775364

Question: Credit card debt High interest rates make it difficult for people to pay off credit card debt in a reasonable period of time. The interest I (in dollars) paid on a $10,000 debt over 3 years when the interest rate is r% can be approximated by the equation

(I/175.393) + 0.663 = r

(Source: Consumer Federation of America). If the credit card interest rate is 19.8%, find the amount of interest paid during the 3 years.

Reference no: EM131775364

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