Math

posted by .

On a credit card, minimum monthly payments are often about 2% of the balance. If no interest were charged, how long would it take to pay off a loan when payments are 2% of the balance?

With no minimum, almost infinite time. Lets get to when he owes ten cents. Two percent of that is .002 cents. The issue is how does he pay that fraction of a penny.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    You'd also need to know the interest rate, the amount of the monthly payments, and how long you'll have to pay off the loan. The shorter period of time for the loan, the less you'll pay in interest, but the monthly payments will be …
  2. finanance

    2. You charged $ 1,000 on your credit card for Christmas presents. Your credit card company charges you 16 % annual interest, compounded monthly. If you make the minimum payments of $25 per month, how long will it take [to the nearest …
  3. math

    gayle has a credit card with $500 balance on it and a 19% interest rate. If she wants to pay off her card in two years, what will her monthly payments be?
  4. math 20

    Jeremy has a balance owing of $4000 on his credit card. The credit-card company charges 18.0% annual interest, compounded monthly. 1.) If Jeremy makes payments of $300 every month, how much will he still owe after making 12 payments?
  5. math 20 (finance)

    Can someone walk me through how I would enter this into the calculator TMV solver. Can it be done?
  6. consumer math

    1. Which of the following is an advantage of using credit cards?
  7. computer programming

    Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest …
  8. computer programming

    Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest …
  9. Computer science

    Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest …
  10. College Algebra

    You have a credit card with a balance of $3000. Each month the minimum payment is 2.5% of the balance. The monthly interest rate is 1.5% of the balance. You decide you would like to pay off this card by making the minimum payment each …

More Similar Questions