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[Step-by-Step] PAYING OFF CREDIT CARDS. Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased a new stereo

Question: PAYING OFF CREDIT CARDS. Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased a new stereo for $350. The minimum payment on the card is only $10 per month.

  1. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Round to the nearest month.
  2. If Simon makes monthly payments of $30, how many months will it be before he pays off the debt? Round to the nearest month.
  3. How much more in total payments will Simon make under the $10-a-month plan than under the $30-a-month plan? Make sure you use three decimal places for \(\mathrm{N}\).

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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