Your credit card charges an interest rate of 1.5% per month on the monthly palance outstanding. You have a current balance of $15,000 which you want to bay off. If you can only afford to pay off $900 per month the balance on your credit card at the end of one year will be closest to: o $17,934. O $6,197. O $11,737. O $8,803.
Your credit card charges an interest rate of 1.5% per month on the monthly palance outstanding. You have a current balance of $15,000 which you want to bay off. If you can only afford to pay off $900 per month the balance on your credit card at the end of one year will be closest to: o $17,934. O $6,197. O $11,737. O $8,803.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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
Transcribed Image Text:Your credit card charges an interest rate of 1.5% per month on the monthly
balance outstanding. You have a current balance of $15,000 which you want to
pay off. If you can only afford to pay off $900 per month the balance on your
credit card at the end of one year will be closest to:
O $17,934.
$6,197.
$11,737.
O $8,803.
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