Part II - Use the calculator Remember the scenario above -- you charged a $1100 laptop, then stopped spending on your credit card and started
paying off your debt.
8. A typical minimum payment for a credit card is 3% of the balance. What would your likely minimum payment
be?
9. Assume you've got terrific credit (question 1 above):
a. How long (in years and months, for example: 50 months = 4 years, 2 months) would it take you to pay
off this laptop purchase if you only made the minimum payment?
b. How much would you pay in interest over the length of your debt?
10. Assume you've got poor credit instead (question 2 above):
a. How long (in years and months) would it take you to pay off this laptop purchase if you only made the
minimum payment?