Let's say you owe $5,000 on your Visa card, and your credit card company charges you a rate or 32.99% interest. You've budgeted $150per month toward paying off the debt, and you've comitted not to use it again until you have the balance paid off.
A) How long will it take you to pay off the balance of your debt?
B) If you talked to the company and had the rate reduced to 23.99%, how long would it take you to pay off?
C) If you negotiated the rate down to 14.99%, how long woul dit take you to pay off?