PLEASE HELP I HAVE NO IDEA

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 $200.00 until the bill is paid off. You pay the bill on the due date each month.

1) Complete the table showing the decreasing debt.
2) How much is your last payment?
3) What is the total amount paid by the time you pay off the credit card?
4) What was your debt ratio at the beginning?

Question

PLEASE HELP I HAVE NO IDEA

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 $200.00 until the bill is paid off.  You pay the bill on the due date each month.


1) Complete the table showing the decreasing debt.
2) How much is your last payment?
3) What is the total amount paid by the time you pay off the credit card? 
4) What was your debt ratio at the beginning?

anonymous · Answer

First off draw a table

400   month1 1853.42 - 400 = 1453.42
400   month2 1453.42 * ( 12 * 0.155) -400 =?
200   month3
200   month 4