Financial Literacy - Mark has a credit card with a $5,000 balance
Question # 00842951
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Updated on: 06/30/2023 06:50 AM Due on: 06/30/2023
Financial Literacy
Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit card company requires a minimum monthly payment of $100 per month.
This interest calculator will show how much total interest
Mark will pay.
Write a short paper (300-500 words) that answers the following questions:
- ??How long will it take for Mark get his balance to $0?
(Use the interest calculator linked above.) - ??What strategies should Mark use to pay off the
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Solution: Financial Literacy - Mark has a credit card with a $5,000 balance