What is the minimum payment he must make to credit card

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Reference no: EM131572006

Jorge has a credit card debt of $7,600.97. Jorge’s credit card has an APR of 23.99% and asks that Jorge makes a minimum payment of 3.5% of his balance. For Jorge’s current balance, what is the minimum payment he must make to the credit card company each month?

If Jorge (from #6) pays the minimum payment each month how many months will it take Jorge to pay off his balance, assuming he doesn’t make any more charges to his credit card? Assume the card compounds monthly. You may want to use the TVM solver.

Reference no: EM131572006

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