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SCENARIO B: CREDIT CARD BALANCE OF $5,000 3. Interest rate: 12.9% Minimum payment: $200 (typically about 3% or 4% of the total debt) Select “Calculate” and then “Review Report” a. How long will it take to pay off the debt? ____years_____ months b. How much is the total interest paid on the $5,000 debt?$_____ 4. Interest rate: 6.9% Minimum payment: $200 (typically about 3% or 4% of the total debt) Select “Calculate” and then “Review Report” a. How long will it take to pay off the debt? ____years_____ months b. How much is the total interest paid on the $5,000 debt? $_____ 5. Interest rate: 12.9% Payment: $250 Select “Calculate” and then “Review Report” a. How long will it take to pay off the debt? ____years_____ months b. How much is the total interest paid on the $5,000 debt? $_____ 6. Interest rate: 12.9% Payment: $350 Select “Calculate” and then “Review Report” a. How long will it take to pay off the debt? ____years_____ months b. How much is the total interest paid on the $5,000 debt? $_____
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