Simon recently received a credit with an 12% nominal interest rate. With the card he...
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Simon recently received a credit with an 12% nominal interest rate. With the card he recently purchased an Apple iPhone 5 for $410. The minimum payment on the card is only $10 per month.
A) if Simon make the minimum payment only each month how many months will it take off to pay the whole balance?
B) if Simon makes a $30 payment each month how many months will it take to pay off the whole balance?
C) how much more in payments will Simon make if he chooses the $10 plan over the $30 plan?
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