How long will it take Kelsey to pay off her credit care if she pays the 2% minimum payment each month and her credit card charges 17% annual interest? She has $1000 on it currently and will not use it again until it is paid off. about 1.5 years about 3 years about 5 years about 7 years
How long will it take Kelsey to pay off her credit care if she pays the 2% minimum payment each month and her credit card charges 17% annual interest? She has $1000 on it currently and will not use it again until it is paid off. about 1.5 years about 3 years about 5 years about 7 years
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:How long will it take Kelsey to pay off her credit care if she pays the 2% minimum payment each month
and her credit card charges 17% annual interest? She has $1000 on it currently and will not use it again
until it is paid off.
about 1.5 years
about 3 years
about 5 years
about 7 years
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