Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit card company requires a minimum 2% payment, which is $100 per month.
This interest calculator will show how much total interest Mark will pay.
https://www.consumercredit.com/debt-resources-tools/financial-calculators/credit-management/credit-card-interest-calculator/
Write a short paper (300500 words) that answers the following questions:
How long will it take for Mark to get his balance to $0? (Use the interest calculator linked above.)
What strategies should Mark use to pay off the card sooner?
