Sujay maxed out his credit card at $5,000. The interest rate is 11.75%. Using an online calculator, Sujay determines that if he stops using the card and pays $400 per month for the next 14 months, he will pay off his debt. How much interest will Sujay have paid when his credit card balance is $0
His debt is 5000 dollars with 11.75% interest rate. Now, he used online calculator and realize that he needs 14 months to pay off his debt paying 400 dollars per month => 400 * 14 months = 5 600 dollars. His debt is only 5000, thus he paid 600 for interest
