Money Mail Comp

[soxmis_sid]

If you spend £2000 this christmas on a credit card charging 17.9% interest and repaid just the minimum 3% each month, how long would it take to repay the debt?
A. 6years 7 months
B. 10 years 3 months
C. 12 years 2 months
D. 17 years 1 month

[Buenchico]

The answer is D.

Sourced from here:
http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc

[soxmis_sid]

Thank you. Much appreciated.

[boxtops]

D - it's horrifying, isn't it?