Question

You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay $400.00 the first 2 months and then

Answer 1

Answer:

the answer is the 2nd one :)

Step-by-step explanation:

Answer 2

Answer:

Month

1

2

3

4

5

6

7

8

9

Principal

1853.42

1477.36

1096.44

910.60

722.36

531.69

338.56

142.93

Interest Accrued

23.94

19.08

14.16

11.76

9.33

6.87

4.37

1.85

Payment  

(on due date)

400

400

200

200

200

200

200

144.78

End of month  

balance

1477.36

1096.44

910.60

722.36

531.69

338.56

142.93

0.00

How much is your last payment? $144.78

What is the total amount paid by the time you pay off the credit card? $1,944.78

What was your debt ratio at the beginning? $0.62

Step-by-step explanation: