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Gio has a balance of $3,230 on his credit card that has a Apr of 22%. He pays the current of $105.. if gio wants to pay off his balance in 24 months, determine the monthly payment.

The minimum payment is enough to pay off the balance in 24 months.
B. Gio can eliminate $62.57 from Entertainment/Shopping
C. Gio can eliminate $167.57 from Entertainment/Shopping
D. Gio can eliminate $105 from Entertainment/Shopping

Sagot :

Parrain

In order to achieve his goal of paying the credit debt off in 24 months, B. Gio can eliminate $62.57 from Entertainment/Shopping.

What amount will Gio pay to eliminate the debt in 24 months?

If Gio is paying $105, the number of months that he will be able to pay back the debt in, can be found using credit card debt calculators to be 3 years and 10 months.

In order to pay back his credit card debt in 24 months, the minimum amount he needs to pay is:

= $167.57 per month

Considering that he is currently paying $105, the amount extra that he needs to pay is:
= 167.57 - 105

= $62.57

This can be acquired from Entertainment/ Shopping.

In conclusion, option B is correct.

Find out more on credit card repayment at https://brainly.com/question/1891029.

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