Question

You owe $1568 on a credit card with a limit of $2200 at an interest rate of 11.3% APR you pay $300 a month until it is paid off how many months does it take you to pay it off and how much is the total interest you paid

Answer 1

Given the information above, with $300.00 monthly payment, owed amount plus interest on a credit card will be paid off after five and a half months. Total interest paid will be amounting to $81.21.