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Thursday, November 21, 2024    		 
Household Math™: Minimum Payments
by Scott Bilker
Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
 
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Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1.

Mary has a balance on her credit cards of $10,000.00. The interest rate on that debt is 9.99% APR. Her bank has a minimum payment policy of 2% of the balance or $15 (whichever is greater). If Mary makes minimum payments to this credit card how long will it take her to repay the debt entirely?
5.42 years
10.65 years
23.83 years
35.53 years
I don't know!



 

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