Asked by Shane
On a credit card, minimum monthly payments are often about 2% of the balance. If no interest were charged, how long would it take to pay off a loan when payments are 2% of the balance?
With no minimum, almost infinite time. Lets get to when he owes ten cents. Two percent of that is .002 cents. The issue is how does he pay that fraction of a penny.
With no minimum, almost infinite time. Lets get to when he owes ten cents. Two percent of that is .002 cents. The issue is how does he pay that fraction of a penny.
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