American Public University System Interest Rate Accounting Worksheet

Description

Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit card company requires a minimum monthly payment of $100 per month.

This interest calculator will show how much total interest Mark will pay.

Write a short paper (500 words) that answers the following questions:

How long will it take for Mark get his balance to $0? (Use the interest calculator linked above.)
What strategies should Mark use to pay off the card sooner?

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