Asa’s most recent credit card statement had a balance of $2,622.77. The minimum payment warning box indicates that it will take 12 years to

Question

Asa’s most recent credit card statement had a balance of $2,622.77. The minimum payment warning box indicates that it will take 12 years to pay off the card if
be makes the minimum payment of $28 per month. If he makes a monthly payment of $100, it will take 3 years to pay off the balance. What will be the percent
increase in total payments if Asa only pays the minimum rather than the $100 per month?

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RobertKer 3 years 2021-08-25T05:57:46+00:00 1 Answers 23 views 0

Answers ( )

  1. Ladonna
    0
    2021-08-25T05:59:34+00:00
    Reply

    Answer:

    12%

    Step-by-step explanation:

    In order to calculate this we first need to find the total that she would pay if she were to choose either of these options. We do this by multiplying the number of years it would take to pay off the loan by the 12 months in a year, and then we multiply this product by the monthly payment like so…

    Minimum Payment:

    (12 * 12) * 28 = $4,032

    $100 a month payment:

    (12* 3) * 100 = $3,600

    Now that we have both we need to divide the minimum payment total by the $100 a month payment total to get the percentage increase in decimal form

    $4,032 / $3,600 = 1.12

    Now we subtract 1 and multiply by 100 to turn this decimal into a percentage

    (1.12 – 1) * 100 = 12%

    Finally, we can see that if Asa only pays the minimum then she would be paying a 12% increase as opposed to paying the $100 a month

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