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June 1, 2022

Any topic (writer’s choice)

Business and Management, Undergraduate

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, which is $100 per month.

This interest calculator will show how much total interest Mark will pay.

https://www.consumercredit.com/debt-resources-tools/financial-calculators/credit-management/credit-card-interest-calculator/

Write a short paper (300500 words) that answers the following questions:

How long will it take for Mark to get his balance to $0? (Use the interest calculator linked above.)
What strategies should Mark use to pay off the card sooner?

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