Credit Limit: 6,000 Purchases 17.55%
Advances 24.35%
Late Payment Warning: If we do not receive your minimum payment by the date listed above, your APRs may be increased up to the Penalty APR of 29.99%.

Assume that after you maxed out your credit card and you missed a payment. The credit card company decides to wave any fees but will charge you the penalty APR. You are no longer making charges to your card and you are being charged interest at the regular purchase APR. Your primary goal is to get this card paid down.

a. If you want to pay the balance of the credit card off in 16 months, what will your monthly payment be?

$

b. How much did you pay in to the credit card company during that time?

$

c. How much of your payments over the 16 months was to interest?

$