Due to poor spending habits, Bryant has accumulated $5,000 in credit card debt. He has missed several payments and now the annual interest rate on the card is 16.75 percent! If he pays $200 per month on the card, in total, how much interest expense does Bryant pay to the credit card company?
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(5,000 * 0.1675) / 12 = $69.79 interest a month
1 answer