Jessie purchased a notebook for $10,500 using a credit card.

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Jessie purchased a notebook for $10,500 using a credit card. Sheconsiders two repayment plans.i She makes the minimum monthly payment of $300 offered by thecredit card and no other charges are applicable.ii She makes monthly payments of $900 and no other charges areapplicable. Compare the above plans. Which is better for Jessie if the interest is4% per annum? And, how long would it take for Jessie to settle therepayment if she were to adopt plan (i) for three years and then plan(ii) thereafter?

    • 6 years ago
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