Suppose that scenario above does not change how long will

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Reference no: EM13476354

Assume that you have a balance of $5,000 on a credit card that carries an annual percentage rate of 19%. You start making monthly payments of $200, but at the same time you charge an additional $125 per month (assume that this charge is made at the end of the month and interest is calculated on the balance before the charge is added).

Make a table that shows month, beginning balance, payment, interest, charge amount, and end balance. Make sure you change the INTEREST column above to be (B2*.19)/12

a. Assuming that the scenario above doesn't change, how long will it take to pay off the credit card debt?
b. How much interest would you pay in the end?

Reference no: EM13476354

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