Household Math™: Minimum Payment Balance
by Scott Bilker
Jeff owes Visa $2,500. The credit card company has an interest rate of 19.6% APR. The company requires a minimum payment of 2% of the unpaid balance, rounded to the nearest dollar. Jeff makes no additional purchases with this credit card and makes only one minimum payment monthly.How long will it take him to pay off $500 on the $2,500 balance?
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