Assume you are 22 years old when you graduate from theUniversity of Arizona and...
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Assume you are 22 years old when you graduate from theUniversity of Arizona and have a credit card of $2,000 creditbalance with an 18% annual rate. If you only make minimun paymentsof 2% of the balance or just $10 (whichever is greater) each month, what birthday will you likely be celebrating when the credit cardis paid off?
Assume you are 22 years old when you graduate from theUniversity of Arizona and have a credit card of $2,000 creditbalance with an 18% annual rate. If you only make minimun paymentsof 2% of the balance or just $10 (whichever is greater) each month, what birthday will you likely be celebrating when the credit cardis paid off?
Answer & Explanation Solved by verified expert
4.0 Ratings (745 Votes)
Solution:
Credit card balance at beginning = $2,000
Annual interest rate = 18%, monthly rate of interest = 18%/12 = 1.5%
monthly payment = 2% of balance or $10 whichever is higher.
| Credit card repayment schedule | ||||
| Monthly Period | Beginning balance | Interest Expense (1.5%) | Payment made (2% of balance or $10 whichever is higher) | Ending Balance |
| 0 | $2,000.00 | |||
| 1 | $2,000.00 | $30.00 | $40.00 | $1,990.00 |
| 2 | $1,990.00 | $29.85 | $39.80 | $1,980.05 |
| 3 | $1,980.05 | $29.70 | $39.60 | $1,970.15 |
| 4 | $1,970.15 | $29.55 | $39.40 | $1,960.30 |
| 5 | $1,960.30 | $29.40 | $39.21 | $1,950.50 |
| 6 | $1,950.50 | $29.26 | $39.01 | $1,940.75 |
| 7 | $1,940.75 | $29.11 | $38.81 | $1,931.04 |
| 8 | $1,931.04 | $28.97 | $38.62 | $1,921.39 |
| 9 | $1,921.39 | $28.82 | $38.43 | $1,911.78 |
| 10 | $1,911.78 | $28.68 | $38.24 | $1,902.22 |
| 11 | $1,902.22 | $28.53 | $38.04 | $1,892.71 |
| 12 | $1,892.71 | $28.39 | $37.85 | $1,883.25 |
| 13 | $1,883.25 | $28.25 | $37.66 | $1,873.83 |
| 14 | $1,873.83 | $28.11 | $37.48 | $1,864.46 |
| 15 | $1,864.46 | $27.97 | $37.29 | $1,855.14 |
| 16 | $1,855.14 | $27.83 | $37.10 | $1,845.86 |
| 17 | $1,845.86 | $27.69 | $36.92 | $1,836.63 |
| 18 | $1,836.63 | $27.55 | $36.73 | $1,827.45 |
| 19 | $1,827.45 | $27.41 | $36.55 | $1,818.31 |
| 20 | $1,818.31 | $27.27 | $36.37 | $1,809.22 |
| 21 | $1,809.22 | $27.14 | $36.18 | $1,800.17 |
| 22 | $1,800.17 | $27.00 | $36.00 | $1,791.17 |
| 23 | $1,791.17 | $26.87 | $35.82 | $1,782.22 |
| 24 | $1,782.22 | $26.73 | $35.64 | $1,773.31 |
| 25 | $1,773.31 | $26.60 | $35.47 | $1,764.44 |
| 26 | $1,764.44 | $26.47 | $35.29 | $1,755.62 |
| 27 | $1,755.62 | $26.33 | $35.11 | $1,746.84 |
| 28 | $1,746.84 | $26.20 | $34.94 | $1,738.11 |
| 29 | $1,738.11 | $26.07 | $34.76 | $1,729.42 |
| 30 | $1,729.42 | $25.94 | $34.59 | $1,720.77 |
| 31 | $1,720.77 | $25.81 | $34.42 | $1,712.16 |
| 32 | $1,712.16 | $25.68 | $34.24 | $1,703.60 |
| 33 | $1,703.60 | $25.55 | $34.07 | $1,695.09 |
| 34 | $1,695.09 | $25.43 | $33.90 | $1,686.61 |
| 35 | $1,686.61 | $25.30 | $33.73 | $1,678.18 |
| 36 | $1,678.18 | $25.17 | $33.56 | $1,669.79 |
| 37 | $1,669.79 | $25.05 | $33.40 | $1,661.44 |
| 38 | $1,661.44 | $24.92 | $33.23 | $1,653.13 |
| 39 | $1,653.13 | $24.80 | $33.06 | $1,644.86 |
| 40 | $1,644.86 | $24.67 | $32.90 | $1,636.64 |
| 41 | $1,636.64 | $24.55 | $32.73 | $1,628.46 |
| 42 | $1,628.46 | $24.43 | $32.57 | $1,620.31 |
| 43 | $1,620.31 | $24.30 | $32.41 | $1,612.21 |
| 44 | $1,612.21 | $24.18 | $32.24 | $1,604.15 |
| 45 | $1,604.15 | $24.06 | $32.08 | $1,596.13 |
| 46 | $1,596.13 | $23.94 | $31.92 | $1,588.15 |
| 47 | $1,588.15 | $23.82 | $31.76 | $1,580.21 |
| 48 | $1,580.21 | $23.70 | $31.60 | $1,572.31 |
| 49 | $1,572.31 | $23.58 | $31.45 | $1,564.45 |
| 50 | $1,564.45 | $23.47 | $31.29 | $1,556.63 |
| 51 | $1,556.63 | $23.35 | $31.13 | $1,548.84 |
| 52 | $1,548.84 | $23.23 | $30.98 | $1,541.10 |
| 53 | $1,541.10 | $23.12 | $30.82 | $1,533.39 |
| 54 | $1,533.39 | $23.00 | $30.67 | $1,525.73 |
| 55 | $1,525.73 | $22.89 | $30.51 | $1,518.10 |
| 56 | $1,518.10 | $22.77 | $30.36 | $1,510.51 |
| 57 | $1,510.51 | $22.66 | $30.21 | $1,502.95 |
| 58 | $1,502.95 | $22.54 | $30.06 | $1,495.44 |
| 59 | $1,495.44 | $22.43 | $29.91 | $1,487.96 |
| 60 | $1,487.96 | $22.32 | $29.76 | $1,480.52 |
| 61 | $1,480.52 | $22.21 | $29.61 | $1,473.12 |
| 62 | $1,473.12 | $22.10 | $29.46 | $1,465.75 |
| 63 | $1,465.75 | $21.99 | $29.32 | $1,458.42 |
| 64 | $1,458.42 | $21.88 | $29.17 | $1,451.13 |
| 65 | $1,451.13 | $21.77 | $29.02 | $1,443.88 |
| 66 | $1,443.88 | $21.66 | $28.88 | $1,436.66 |
| 67 | $1,436.66 | $21.55 | $28.73 | $1,429.47 |
| 68 | $1,429.47 | $21.44 | $28.59 | $1,422.33 |
| 69 | $1,422.33 | $21.33 | $28.45 | $1,415.22 |
| 70 | $1,415.22 | $21.23 | $28.30 | $1,408.14 |
| 71 | $1,408.14 | $21.12 | $28.16 | $1,401.10 |
| 72 | $1,401.10 | $21.02 | $28.02 | $1,394.09 |
| 73 | $1,394.09 | $20.91 | $27.88 | $1,387.12 |
| 74 | $1,387.12 | $20.81 | $27.74 | $1,380.19 |
| 75 | $1,380.19 | $20.70 | $27.60 | $1,373.29 |
| 76 | $1,373.29 | $20.60 | $27.47 | $1,366.42 |
| 77 | $1,366.42 | $20.50 | $27.33 | $1,359.59 |
| 78 | $1,359.59 | $20.39 | $27.19 | $1,352.79 |
| 79 | $1,352.79 | $20.29 | $27.06 | $1,346.03 |
| 80 | $1,346.03 | $20.19 | $26.92 | $1,339.30 |
| 81 | $1,339.30 | $20.09 | $26.79 | $1,332.60 |
| 82 | $1,332.60 | $19.99 | $26.65 | $1,325.94 |
| 83 | $1,325.94 | $19.89 | $26.52 | $1,319.31 |
| 84 | $1,319.31 | $19.79 | $26.39 | $1,312.71 |
| 85 | $1,312.71 | $19.69 | $26.25 | $1,306.15 |
| 86 | $1,306.15 | $19.59 | $26.12 | $1,299.62 |
| 87 | $1,299.62 | $19.49 | $25.99 | $1,293.12 |
| 88 | $1,293.12 | $19.40 | $25.86 | $1,286.65 |
| 89 | $1,286.65 | $19.30 | $25.73 | $1,280.22 |
| 90 | $1,280.22 | $19.20 | $25.60 | $1,273.82 |
| 91 | $1,273.82 | $19.11 | $25.48 | $1,267.45 |
| 92 | $1,267.45 | $19.01 | $25.35 | $1,261.11 |
| 93 | $1,261.11 | $18.92 | $25.22 | $1,254.81 |
| 94 | $1,254.81 | $18.82 | $25.10 | $1,248.53 |
| 95 | $1,248.53 | $18.73 | $24.97 | $1,242.29 |
| 96 | $1,242.29 | $18.63 | $24.85 | $1,236.08 |
| 97 | $1,236.08 | $18.54 | $24.72 | $1,229.90 |
| 98 | $1,229.90 | $18.45 | $24.60 | $1,223.75 |
| 99 | $1,223.75 | $18.36 | $24.47 | $1,217.63 |
| 100 | $1,217.63 | $18.26 | $24.35 | $1,211.54 |
| 101 | $1,211.54 | $18.17 | $24.23 | $1,205.48 |
| 102 | $1,205.48 | $18.08 | $24.11 | $1,199.46 |
| 103 | $1,199.46 | $17.99 | $23.99 | $1,193.46 |
| 104 | $1,193.46 | $17.90 | $23.87 | $1,187.49 |
| 105 | $1,187.49 | $17.81 | $23.75 | $1,181.55 |
| 106 | $1,181.55 | $17.72 | $23.63 | $1,175.65 |
| 107 | $1,175.65 | $17.63 | $23.51 | $1,169.77 |
| 108 | $1,169.77 | $17.55 | $23.40 | $1,163.92 |
| 109 | $1,163.92 | $17.46 | $23.28 | $1,158.10 |
| 110 | $1,158.10 | $17.37 | $23.16 | $1,152.31 |
| 111 | $1,152.31 | $17.28 | $23.05 | $1,146.55 |
| 112 | $1,146.55 | $17.20 | $22.93 | $1,140.81 |
| 113 | $1,140.81 | $17.11 | $22.82 | $1,135.11 |
| 114 | $1,135.11 | $17.03 | $22.70 | $1,129.43 |
| 115 | $1,129.43 | $16.94 | $22.59 | $1,123.79 |
| 116 | $1,123.79 | $16.86 | $22.48 | $1,118.17 |
| 117 | $1,118.17 | $16.77 | $22.36 | $1,112.58 |
| 118 | $1,112.58 | $16.69 | $22.25 | $1,107.02 |
| 119 | $1,107.02 | $16.61 | $22.14 | $1,101.48 |
| 120 | $1,101.48 | $16.52 | $22.03 | $1,095.97 |
| 121 | $1,095.97 | $16.44 | $21.92 | $1,090.49 |
| 122 | $1,090.49 | $16.36 | $21.81 | $1,085.04 |
| 123 | $1,085.04 | $16.28 | $21.70 | $1,079.62 |
| 124 | $1,079.62 | $16.19 | $21.59 | $1,074.22 |
| 125 | $1,074.22 | $16.11 | $21.48 | $1,068.85 |
| 126 | $1,068.85 | $16.03 | $21.38 | $1,063.50 |
| 127 | $1,063.50 | $15.95 | $21.27 | $1,058.18 |
| 128 | $1,058.18 | $15.87 | $21.16 | $1,052.89 |
| 129 | $1,052.89 | $15.79 | $21.06 | $1,047.63 |
| 130 | $1,047.63 | $15.71 | $20.95 | $1,042.39 |
| 131 | $1,042.39 | $15.64 | $20.85 | $1,037.18 |
| 132 | $1,037.18 | $15.56 | $20.74 | $1,031.99 |
| 133 | $1,031.99 | $15.48 | $20.64 | $1,026.83 |
| 134 | $1,026.83 | $15.40 | $20.54 | $1,021.70 |
| 135 | $1,021.70 | $15.33 | $20.43 | $1,016.59 |
| 136 | $1,016.59 | $15.25 | $20.33 | $1,011.51 |
| 137 | $1,011.51 | $15.17 | $20.23 | $1,006.45 |
| 138 | $1,006.45 | $15.10 | $20.13 | $1,001.42 |
| 139 | $1,001.42 | $15.02 | $20.03 | $996.41 |
| 140 | $996.41 | $14.95 | $19.93 | $991.43 |
| 141 | $991.43 | $14.87 | $19.83 | $986.47 |
| 142 | $986.47 | $14.80 | $19.73 | $981.54 |
| 143 | $981.54 | $14.72 | $19.63 | $976.63 |
| 144 | $976.63 | $14.65 | $19.53 | $971.75 |
| 145 | $971.75 | $14.58 | $19.43 | $966.89 |
| 146 | $966.89 | $14.50 | $19.34 | $962.05 |
| 147 | $962.05 | $14.43 | $19.24 | $957.24 |
| 148 | $957.24 | $14.36 | $19.14 | $952.46 |
| 149 | $952.46 | $14.29 | $19.05 | $947.70 |
| 150 | $947.70 | $14.22 | $18.95 | $942.96 |
| 151 | $942.96 | $14.14 | $18.86 | $938.24 |
| 152 | $938.24 | $14.07 | $18.76 | $933.55 |
| 153 | $933.55 | $14.00 | $18.67 | $928.88 |
| 154 | $928.88 | $13.93 | $18.58 | $924.24 |
| 155 | $924.24 | $13.86 | $18.48 | $919.62 |
| 156 | $919.62 | $13.79 | $18.39 | $915.02 |
| 157 | $915.02 | $13.73 | $18.30 | $910.44 |
| 158 | $910.44 | $13.66 | $18.21 | $905.89 |
| 159 | $905.89 | $13.59 | $18.12 | $901.36 |
| 160 | $901.36 | $13.52 | $18.03 | $896.86 |
| 161 | $896.86 | $13.45 | $17.94 | $892.37 |
| 162 | $892.37 | $13.39 | $17.85 | $887.91 |
| 163 | $887.91 | $13.32 | $17.76 | $883.47 |
| 164 | $883.47 | $13.25 | $17.67 | $879.05 |
| 165 | $879.05 | $13.19 | $17.58 | $874.66 |
| 166 | $874.66 | $13.12 | $17.49 | $870.28 |
| 167 | $870.28 | $13.05 | $17.41 | $865.93 |
| 168 | $865.93 | $12.99 | $17.32 | $861.60 |
| 169 | $861.60 | $12.92 | $17.23 | $857.30 |
| 170 | $857.30 | $12.86 | $17.15 | $853.01 |
| 171 | $853.01 | $12.80 | $17.06 | $848.74 |
| 172 | $848.74 | $12.73 | $16.97 | $844.50 |
| 173 | $844.50 | $12.67 | $16.89 | $840.28 |
| 174 | $840.28 | $12.60 | $16.81 | $836.08 |
| 175 | $836.08 | $12.54 | $16.72 | $831.90 |
| 176 | $831.90 | $12.48 | $16.64 | $827.74 |
| 177 | $827.74 | $12.42 | $16.55 | $823.60 |
| 178 | $823.60 | $12.35 | $16.47 | $819.48 |
| 179 | $819.48 | $12.29 | $16.39 | $815.38 |
| 180 | $815.38 | $12.23 | $16.31 | $811.31 |
| 181 | $811.31 | $12.17 | $16.23 | $807.25 |
| 182 | $807.25 | $12.11 | $16.14 | $803.21 |
| 183 | $803.21 | $12.05 | $16.06 | $799.20 |
| 184 | $799.20 | $11.99 | $15.98 | $795.20 |
| 185 | $795.20 | $11.93 | $15.90 | $791.22 |
| 186 | $791.22 | $11.87 | $15.82 | $787.27 |
| 187 | $787.27 | $11.81 | $15.75 | $783.33 |
| 188 | $783.33 | $11.75 | $15.67 | $779.42 |
| 189 | $779.42 | $11.69 | $15.59 | $775.52 |
| 190 | $775.52 | $11.63 | $15.51 | $771.64 |
| 191 | $771.64 | $11.57 | $15.43 | $767.78 |
| 192 | $767.78 | $11.52 | $15.36 | $763.94 |
| 193 | $763.94 | $11.46 | $15.28 | $760.12 |
| 194 | $760.12 | $11.40 | $15.20 | $756.32 |
| 195 | $756.32 | $11.34 | $15.13 | $752.54 |
| 196 | $752.54 | $11.29 | $15.05 | $748.78 |
| 197 | $748.78 | $11.23 | $14.98 | $745.04 |
| 198 | $745.04 | $11.18 | $14.90 | $741.31 |
| 199 | $741.31 | $11.12 | $14.83 | $737.60 |
| 200 | $737.60 | $11.06 | $14.75 | $733.92 |
| 201 | $733.92 | $11.01 | $14.68 | $730.25 |
| 202 | $730.25 | $10.95 | $14.60 | $726.59 |
| 203 | $726.59 | $10.90 | $14.53 | $722.96 |
| 204 | $722.96 | $10.84 | $14.46 | $719.35 |
| 205 | $719.35 | $10.79 | $14.39 | $715.75 |
| 206 | $715.75 | $10.74 | $14.32 | $712.17 |
| 207 | $712.17 | $10.68 | $14.24 | $708.61 |
| 208 | $708.61 | $10.63 | $14.17 | $705.07 |
| 209 | $705.07 | $10.58 | $14.10 | $701.54 |
| 210 | $701.54 | $10.52 | $14.03 | $698.03 |
| 211 | $698.03 | $10.47 | $13.96 | $694.54 |
| 212 | $694.54 | $10.42 | $13.89 | $691.07 |
| 213 | $691.07 | $10.37 | $13.82 | $687.62 |
| 214 | $687.62 | $10.31 | $13.75 | $684.18 |
| 215 | $684.18 | $10.26 | $13.68 | $680.76 |
| 216 | $680.76 | $10.21 | $13.62 | $677.35 |
| 217 | $677.35 | $10.16 | $13.55 | $673.97 |
| 218 | $673.97 | $10.11 | $13.48 | $670.60 |
| 219 | $670.60 | $10.06 | $13.41 | $667.24 |
| 220 | $667.24 | $10.01 | $13.34 | $663.91 |
| 221 | $663.91 | $9.96 | $13.28 | $660.59 |
| 222 | $660.59 | $9.91 | $13.21 | $657.29 |
| 223 | $657.29 | $9.86 | $13.15 | $654.00 |
| 224 | $654.00 | $9.81 | $13.08 | $650.73 |
| 225 | $650.73 | $9.76 | $13.01 | $647.48 |
| 226 | $647.48 | $9.71 | $12.95 | $644.24 |
| 227 | $644.24 | $9.66 | $12.88 | $641.02 |
| 228 | $641.02 | $9.62 | $12.82 | $637.81 |
| 229 | $637.81 | $9.57 | $12.76 | $634.62 |
| 230 | $634.62 | $9.52 | $12.69 | $631.45 |
| 231 | $631.45 | $9.47 | $12.63 | $628.29 |
| 232 | $628.29 | $9.42 | $12.57 | $625.15 |
| 233 | $625.15 | $9.38 | $12.50 | $622.02 |
| 234 | $622.02 | $9.33 | $12.44 | $618.91 |
| 235 | $618.91 | $9.28 | $12.38 | $615.82 |
| 236 | $615.82 | $9.24 | $12.32 | $612.74 |
| 237 | $612.74 | $9.19 | $12.25 | $609.68 |
| 238 | $609.68 | $9.15 | $12.19 | $606.63 |
| 239 | $606.63 | $9.10 | $12.13 | $603.60 |
| 240 | $603.60 | $9.05 | $12.07 | $600.58 |
| 241 | $600.58 | $9.01 | $12.01 | $597.58 |
| 242 | $597.58 | $8.96 | $11.95 | $594.59 |
| 243 | $594.59 | $8.92 | $11.89 | $591.61 |
| 244 | $591.61 | $8.87 | $11.83 | $588.66 |
| 245 | $588.66 | $8.83 | $11.77 | $585.71 |
| 246 | $585.71 | $8.79 | $11.71 | $582.78 |
| 247 | $582.78 | $8.74 | $11.66 | $579.87 |
| 248 | $579.87 | $8.70 | $11.60 | $576.97 |
| 249 | $576.97 | $8.65 | $11.54 | $574.09 |
| 250 | $574.09 | $8.61 | $11.48 | $571.22 |
| 251 | $571.22 | $8.57 | $11.42 | $568.36 |
| 252 | $568.36 | $8.53 | $11.37 | $565.52 |
| 253 | $565.52 | $8.48 | $11.31 | $562.69 |
| 254 | $562.69 | $8.44 | $11.25 | $559.88 |
| 255 | $559.88 | $8.40 | $11.20 | $557.08 |
| 256 | $557.08 | $8.36 | $11.14 | $554.29 |
| 257 | $554.29 | $8.31 | $11.09 | $551.52 |
| 258 | $551.52 | $8.27 | $11.03 | $548.76 |
| 259 | $548.76 | $8.23 | $10.98 | $546.02 |
| 260 | $546.02 | $8.19 | $10.92 | $543.29 |
| 261 | $543.29 | $8.15 | $10.87 | $540.57 |
| 262 | $540.57 | $8.11 | $10.81 | $537.87 |
| 263 | $537.87 | $8.07 | $10.76 | $535.18 |
| 264 | $535.18 | $8.03 | $10.70 | $532.50 |
| 265 | $532.50 | $7.99 | $10.65 | $529.84 |
| 266 | $529.84 | $7.95 | $10.60 | $527.19 |
| 267 | $527.19 | $7.91 | $10.54 | $524.56 |
| 268 | $524.56 | $7.87 | $10.49 | $521.93 |
| 269 | $521.93 | $7.83 | $10.44 | $519.32 |
| 270 | $519.32 | $7.79 | $10.39 | $516.73 |
| 271 | $516.73 | $7.75 | $10.33 | $514.14 |
| 272 | $514.14 | $7.71 | $10.28 | $511.57 |
| 273 | $511.57 | $7.67 | $10.23 | $509.02 |
| 274 | $509.02 | $7.64 | $10.18 | $506.47 |
| 275 | $506.47 | $7.60 | $10.13 | $503.94 |
| 276 | $503.94 | $7.56 | $10.08 | $501.42 |
| 277 | $501.42 | $7.52 | $10.03 | $498.91 |
| 278 | $498.91 | $7.48 | $10.00 | $496.39 |
| 279 | $496.39 | $7.45 | $10.00 | $493.84 |
| 280 | $493.84 | $7.41 | $10.00 | $491.25 |
| 281 | $491.25 | $7.37 | $10.00 | $488.62 |
| 282 | $488.62 | $7.33 | $10.00 | $485.95 |
| 283 | $485.95 | $7.29 | $10.00 | $483.24 |
| 284 | $483.24 | $7.25 | $10.00 | $480.48 |
| 285 | $480.48 | $7.21 | $10.00 | $477.69 |
| 286 | $477.69 | $7.17 | $10.00 | $474.86 |
| 287 | $474.86 | $7.12 | $10.00 | $471.98 |
| 288 | $471.98 | $7.08 | $10.00 | $469.06 |
| 289 | $469.06 | $7.04 | $10.00 | $466.10 |
| 290 | $466.10 | $6.99 | $10.00 | $463.09 |
| 291 | $463.09 | $6.95 | $10.00 | $460.03 |
| 292 | $460.03 | $6.90 | $10.00 | $456.93 |
| 293 | $456.93 | $6.85 | $10.00 | $453.79 |
| 294 | $453.79 | $6.81 | $10.00 | $450.59 |
| 295 | $450.59 | $6.76 | $10.00 | $447.35 |
| 296 | $447.35 | $6.71 | $10.00 | $444.06 |
| 297 | $444.06 | $6.66 | $10.00 | $440.72 |
| 298 | $440.72 | $6.61 | $10.00 | $437.34 |
| 299 | $437.34 | $6.56 | $10.00 | $433.90 |
| 300 | $433.90 | $6.51 | $10.00 | $430.40 |
| 301 | $430.40 | $6.46 | $10.00 | $426.86 |
| 302 | $426.86 | $6.40 | $10.00 | $423.26 |
| 303 | $423.26 | $6.35 | $10.00 | $419.61 |
| 304 | $419.61 | $6.29 | $10.00 | $415.91 |
| 305 | $415.91 | $6.24 | $10.00 | $412.14 |
| 306 | $412.14 | $6.18 | $10.00 | $408.33 |
| 307 | $408.33 | $6.12 | $10.00 | $404.45 |
| 308 | $404.45 | $6.07 | $10.00 | $400.52 |
| 309 | $400.52 | $6.01 | $10.00 | $396.53 |
| 310 | $396.53 | $5.95 | $10.00 | $392.47 |
| 311 | $392.47 | $5.89 | $10.00 | $388.36 |
| 312 | $388.36 | $5.83 | $10.00 | $384.19 |
| 313 | $384.19 | $5.76 | $10.00 | $379.95 |
| 314 | $379.95 | $5.70 | $10.00 | $375.65 |
| 315 | $375.65 | $5.63 | $10.00 | $371.28 |
| 316 | $371.28 | $5.57 | $10.00 | $366.85 |
| 317 | $366.85 | $5.50 | $10.00 | $362.36 |
| 318 | $362.36 | $5.44 | $10.00 | $357.79 |
| 319 | $357.79 | $5.37 | $10.00 | $353.16 |
| 320 | $353.16 | $5.30 | $10.00 | $348.45 |
| 321 | $348.45 | $5.23 | $10.00 | $343.68 |
| 322 | $343.68 | $5.16 | $10.00 | $338.84 |
| 323 | $338.84 | $5.08 | $10.00 | $333.92 |
| 324 | $333.92 | $5.01 | $10.00 | $328.93 |
| 325 | $328.93 | $4.93 | $10.00 | $323.86 |
| 326 | $323.86 | $4.86 | $10.00 | $318.72 |
| 327 | $318.72 | $4.78 | $10.00 | $313.50 |
| 328 | $313.50 | $4.70 | $10.00 | $308.20 |
| 329 | $308.20 | $4.62 | $10.00 | $302.83 |
| 330 | $302.83 | $4.54 | $10.00 | $297.37 |
| 331 | $297.37 | $4.46 | $10.00 | $291.83 |
| 332 | $291.83 | $4.38 | $10.00 | $286.21 |
| 333 | $286.21 | $4.29 | $10.00 | $280.50 |
| 334 | $280.50 | $4.21 | $10.00 | $274.71 |
| 335 | $274.71 | $4.12 | $10.00 | $268.83 |
| 336 | $268.83 | $4.03 | $10.00 | $262.86 |
| 337 | $262.86 | $3.94 | $10.00 | $256.80 |
| 338 | $256.80 | $3.85 | $10.00 | $250.66 |
| 339 | $250.66 | $3.76 | $10.00 | $244.42 |
| 340 | $244.42 | $3.67 | $10.00 | $238.08 |
| 341 | $238.08 | $3.57 | $10.00 | $231.65 |
| 342 | $231.65 | $3.47 | $10.00 | $225.13 |
| 343 | $225.13 | $3.38 | $10.00 | $218.50 |
| 344 | $218.50 | $3.28 | $10.00 | $211.78 |
| 345 | $211.78 | $3.18 | $10.00 | $204.96 |
| 346 | $204.96 | $3.07 | $10.00 | $198.03 |
| 347 | $198.03 | $2.97 | $10.00 | $191.00 |
| 348 | $191.00 | $2.87 | $10.00 | $183.87 |
| 349 | $183.87 | $2.76 | $10.00 | $176.63 |
| 350 | $176.63 | $2.65 | $10.00 | $169.28 |
| 351 | $169.28 | $2.54 | $10.00 | $161.82 |
| 352 | $161.82 | $2.43 | $10.00 | $154.24 |
| 353 | $154.24 | $2.31 | $10.00 | $146.56 |
| 354 | $146.56 | $2.20 | $10.00 | $138.75 |
| 355 | $138.75 | $2.08 | $10.00 | $130.84 |
| 356 | $130.84 | $1.96 | $10.00 | $122.80 |
| 357 | $122.80 | $1.84 | $10.00 | $114.64 |
| 358 | $114.64 | $1.72 | $10.00 | $106.36 |
| 359 | $106.36 | $1.60 | $10.00 | $97.96 |
| 360 | $97.96 | $1.47 | $10.00 | $89.42 |
| 361 | $89.42 | $1.34 | $10.00 | $80.77 |
| 362 | $80.77 | $1.21 | $10.00 | $71.98 |
| 363 | $71.98 | $1.08 | $10.00 | $63.06 |
| 364 | $63.06 | $0.95 | $10.00 | $54.00 |
| 365 | $54.00 | $0.81 | $10.00 | $44.81 |
| 366 | $44.81 | $0.67 | $10.00 | $35.49 |
| 367 | $35.49 | $0.53 | $10.00 | $26.02 |
| 368 | $26.02 | $0.39 | $10.00 | $16.41 |
| 369 | $16.41 | $0.25 | $10.00 | $6.65 |
| 370 | $6.65 | $0.10 | $6.75 | $0.00 |
It will take 370 months to make credit card payments, it means almost 31 years (rounded off from 30.83 years). Therefore i will be celebrating by 53 rd birthday (31+ 22) when credit card is paid off.
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Transcribed Image Text
In: AccountingAssume you are 22 years old when you graduate from theUniversity of Arizona and have...Assume you are 22 years old when you graduate from theUniversity of Arizona and have a credit card of $2,000 creditbalance with an 18% annual rate. If you only make minimun paymentsof 2% of the balance or just $10 (whichever is greater) each month, what birthday will you likely be celebrating when the credit cardis paid off?
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You can see the logs in the Dashboard.