Dylan has $1, 024 in credit card debt. The credit card has an APR of 15% and is compounded monthly. If he pays $300 per month, how long will it take to pay off the credit card?

A. 4 months
B. 8 months
C. 3 months
D. 6 months

Question

Dylan has $1, 024 in credit card debt. The credit card has an APR of 15% and is compounded monthly. If he pays $300 per month, how long will it take to pay off the credit card?

A. 4 months
B. 8 months
C. 3 months
D. 6 months

Angle · Answer

https://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx

Mochi · Answer

Thank you so much

CripQUEZZ · Answer

Total Principal Paid
$1,024
Total Interest Paid
$29
Monthly Payment
$300
Months to payoff
4
97% Principal
3% Interest
$1,024