Business, 08.02.2021 19:20 deaishaajennings123

You owe $5,000 on your credit card and you can pay the following monthly payments: Month 1 2 3 4 5 6 7 8
Payment 500 550 600 650 700 750 800 850
IF the credit card company charges an interest rate of 1.5% per month, is this enough to pay off your credit card, and if so, by how much?
A. No, this cash flow falls short of paying off the credit card.
B. Yes, this cash flow exceeds the balance by $320.
C. Yes, this cash flow will pay off the credit card with $23.75 remaining.
D. No, this will only pay off $4,793.63 of the credit card.

Answers: 3

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You owe $5,000 on your credit card and you can pay the following monthly payments: Month 1 2 3 4 5...