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Ally has a new credit card and she LOVES to shop and hangout with her friends. This new card makes it so easy to buy all her favorite things. Ally's card has a $500 credit limit. She just received her first credit card statement in the mail and is surprised that she spent much in only one month! Her balance is $483.12. Her APR is 18%, and her minimum payment is 2% of her balance. Ally is a little shell shocked to see how quickly it all added up! She needs to cut down on the Starbucks runs, that's for sure! Ally has a part-time job and can't afford to pay the balance in full. If Ally doesn't charge anything new to her card and she makes only the minimum payment, how long will it take her to pay off the balance? With all the interest that she will pay, how much will this "spending spree" month cost her total?
Sagot :
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