Ask Question
28 April, 17:16

Sujay maxed out his credit card at $5,000. The interest rate is 11.75%. Using an online calculator, Sujay determines that if he stops using the card and pays $400 per month for the next 14 months, he will pay off his debt. How much interest will Sujay have paid when his credit card balance is $0

+4
Answers (1)
  1. 28 April, 18:07
    0
    His debt is 5000 dollars with 11.75% interest rate.

    Now, he used online calculator and realize that he needs 14 months to pay off his debt paying 400 dollars per month

    => 400 * 14 months = 5 600 dollars.

    His debt is only 5000, thus he paid 600 for interest
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Sujay maxed out his credit card at $5,000. The interest rate is 11.75%. Using an online calculator, Sujay determines that if he stops using ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers