have 10,900 in credit card with an interest rate of 9.99 percent as of September 2024. I make 600 dollars monthly payments.  how much will i owe by the end of 2024

To calculate how much you will owe by the end of 2024, we need to account for the interest that accrues on the remaining balance each month, subtracting your monthly payments. 

We'll use the following formula to calculate the monthly interest:

\[
\text{Interest for the month} = \left(\frac{\text{Annual Interest Rate}}{12}\right) \times \text{Remaining Balance}
\]

Where:
- The principal balance is $10,900.
- The interest rate is 9.99% per year, or 0.0999 in decimal form.
- You make monthly payments of $600.

Let me calculate this step by step to see how the balance changes by the end of December 2024.By the end of December 2024, your credit card balance will be approximately $8,837.39, assuming you continue making monthly payments of $600 and the annual interest rate remains at 9.99%.

Would you like further details on how this was calculated or any other specific information?

Here are 5 questions to consider:
1. Would you like to know the interest amount added each month?
2. How long will it take to pay off the entire balance at this rate?
3. What if you increased your monthly payment by a certain amount?
4. How would a different interest rate impact the balance by year-end?
5. What would happen if you missed one monthly payment?

**Tip:** Paying more than the minimum payment can significantly reduce the interest you pay over time.

I have $10,900 in credit card debt with an interest rate of 9.99% as of September 2024. I make $600 monthly payments. How much will I owe by the end of 2024?

Learn how to calculate your credit card balance by the end of 2024 if you have $10,900 in debt, a 9.99% interest rate, and make $600 monthly payments. This problem covers key financial concepts such as interest calculation and compound interest. Suitable for students in Grades 10-12 or anyone looking to understand loan repayment calculations.

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