Unit 2 – Individual Project Finance
Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit card company requires a minimum 2% payment, this is $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 card sooner?
Calculator