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What is the effective rate of interest you are paying

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Reference no: EM132816260

Question - If your put a $ 2100 trip on your credit card that charges you an APR of 19.99% and make the minimum monthly payment of $45 (2 marks each part):

(a) What is the effective rate of interest you are paying?

(b) How long (to the nearest month) will it take you to pay off the credit card?

(c) Assume your answer to part b is 84 months. Then, how much interest will you pay once the credit card debt is totally paid off?

Reference no: EM132816260

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