### 6.2 Buying Now, Paying Later

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• Math Help

Note that Example 3 has been simplified for illustrative purposes and you are not expected to know how to create the spreadsheet shown in Example 3. For instance, to calculate the interest, you would need to know the average daily balance, the number of days in the billing period, and when any payments are made. The point of the example is to demonstrate how long it takes to pay off a credit card when making only minimum payments. You can learn more about credit cards in Exercises 19-24.

• Consumer Suggestion

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• Checkpoint Solution
1. Using a spreadsheet, you can see that it would take 66 months to pay off the debt if you paid \$75 each month.

2. Sum the interest column to see that the total interest paid is \$2390.86.

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