Event Credit Payment Interest Principal Balance
$500.00
$0.00 $0.00 $500.00
$100.00
$7.40
$92.60
$407.40
$100.00
$6.23
$93.77
$313.63
)
$100.00
$4.79
$95.21
$218.42
Payment 1
Payment 2
Payment 3
Payment 4
Payment 5
Payment 6
$100.00
$3.02
$96.98
$121.44
$100.00
$1.86
$98.14
$23.30
$23.64
$0.34
$23.30
$0.00
Grand Total
$500
$523.64
$23.64
$500.00
$0.00
Study this payment schedule and answer the following questions.
Part A
How long will it take to pay off this credit card?