150 min. 12 point font
Most credit cards require you to pay 2% of the balance; what would the minimum monthly payments of $5,220.00 be? (no other fees applied).
2. Considering the minimum payment you just calculated determine the interest and the amount applied to reduce the principle.
3. Examine a credit card bill (or other revolving debt)) & see how long it take to pay off a debt if you only paid minimum payments.
4. Examine a credit card bill (or other revolving debt) and see how long it would take to pay off if you paid only the minimum payments.)
5. What advice would you give a young adult planning on getting a credit card?