charges 18% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely. Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went to his bank and found out he could get a personal line of credit that he could then use to pay off his credit card. The line of credit has an interest rate of 10.75% compounded weekly. Assuming he still planned to pay off his debt in 5 years, what would his monthly payments to the bank be now? What will be the total interest paid?
Hak Young has accumulated some credit card debt while he was in college. His total debt is now $23,864.00 and his credit card charges 18% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely.
Hak Young is daunted by that monthly payment amount and is trying to figure out how he can make paying off his loan more manageable. He went to his bank and found out he could get a personal line of credit that he could then use to pay off his credit card. The line of credit has an interest rate of 10.75% compounded weekly.
Assuming he still planned to pay off his debt in 5 years, what would his monthly payments to the bank be now?
What will be the total interest paid?
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