Question

Dudley’s credit card has an APR of 20.7%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first purchase. His credit card record for the last 7 months is shown in the table below.  Use the table below to answer the following questions.

3. What is the total amount that Dudley has paid in interest over the 7 months?

Answer 1

If the credit card Balance is of, lets say, $2000 and if the interest rate is 2.7% and then he has a minimum payment of 2% which in terms of money will be $40 then it will take 9 years and 9 months to payoff his balance and the total interest wil be of $2640.45. If the credit card balance is not $2000 then you can take the amount they give you and do a cross multplication.