You buy a $3,000 piece of furniture by opening up a new credit card that offers 0% interest if you pay it off in 24 months. If you do not pay it off by then, you will need to pay 20% interest on the full purchase price. You receive your first bill. The minimum payment is $75. What is the least amount you should pay over the minimum each month so that you will pay off the furniture before the 24-month period ends?(1 point) Responses $25 more per month $25 more per month $10 more per month $10 more per month $50 more per month $50 more per month $5 more per month
$50 more per month
To pay off the furniture before the 24-month period ends, you would need to pay $3,000 / 24 = $125 per month. Since the minimum payment is $75, you would need to pay an additional $125 - $75 = $50 more per month.