Hi again!
Bob's credit card balance is $2000. Credit company charges 24% interest compounded monthly.
1) Amortize monthly payments to pay off in 3 years
Here's the equation I used:
2000(1 + .24/12)^36 = X [(1 + .24/12)^36 - 1] / (.24/12) = $78.47
2) If Bob only pays $25 monthly minimum, what will his debt be in 3 years?
No ideas........