Annual percentage rate, Finance Basics

A current radio advertisement states that the average American household has an average credit card debt of $25,000. Based on an APR (Annual Percentage Rate) of 18% (common for credit cards) and a minimum monthly payment of $200.00, how many years will it take to pay off this debt if no further purchases are made? How much interest would you pay?

Posted Date: 3/6/2013 1:44:53 AM | Location : United States

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