Credit Card Debt

Balance = $2500

Interest Rate = 18.7%

Minimum payment = $45

How long will it take to pay off paying only the minimum amount?

• 10 years and 10 months

• 10 years and 4 months

• 8 years and 3 months

• 8 years and 6 months

Tags

CCSS.7.RP.A.3

Balance = $2500

Interest Rate = 18.7%

Minimum payment = $45

If paying only the minimum, how much total interest will be paid?

• $2500

• $3343.52

• $2907.65

• $3892.10

Tags

CCSS.7.RP.A.3

Balance = $2500

Interest Rate = 18.7%

Minimum payment = $45

If paying $115 a month, how long until it is paid off?

• 2 years and 8 months

• 4 years and 3 months

• 2 years and 3 months

• 4 years and 8 months

Tags

CCSS.7.RP.A.3

Balance = $2500

Interest Rate = 18.7%

Minimum payment = $45

If paying $115 a month, how much total interest will be paid?

• $624.82

• $289.54

• $832.67

• $576.33

Tags

CCSS.7.RP.A.3

Balance = $2500

Interest Rate = 18.7%

Minimum payment = $45

If paying $115 a month, how much interest will be saved as compared to only paying the minimum payment?

• $3343.52

• $576.33

• $2767.9

• $985.77

Tags

CCSS.7.RP.A.3

Balance = $1542

Interest Rate = 19.1%

What monthly payment is needed to pay it off in 4 years and 6 months?

• $55.32

• $62.87

• $28.46

• $42.78

Tags

CCSS.7.RP.A.3

Balance = $1542

Interest Rate = 19.1%

If paying it off in 4 years and 6 months, how much interest will be paid?

• $767.97

• $342.45

• $564.11

• $697.13

Tags

CCSS.7.RP.A.3

Balance = $1542

Interest Rate = 19.1%

What monthly payment is needed to pay it off in 2 years and 3 months?

• $70.71

• $65.32

• $82.95

• $58.34

Tags

CCSS.7.RP.A.3

Balance = $1542

Interest Rate = 19.1%

If paying it off in 2 years and 3 months, how much interest will be paid?

• $267.30

• $428.27

• $371.08

• $367.05

Tags

CCSS.7.RP.A.3

Credit card 1:

Balance - $542, APR - 19.3%, Minimum payment - $45

Credit card 2:

Balance - $743, APR - 20.1%, Minimum payment - $40

Credit card 3:

Balance - $2048, APR - 17.3%, Minimum payment - $55

To pay the LEAST amount of interest, which card should be paid off the fastest?

• Credit Card 2

• Credit Card 3

• Credit Card 1

Tags

CCSS.7.RP.A.3