FT quiz -Test your Financial IQ

You have a credit card balance of £3,000 at an APR of 17.9 per cent. How long will it take you to clear it if you ONLY make the minimum repayment each month (as a guide, 1 per cent of the outstanding balance plus interest) and HOW MUCH will you pay in interest

  • Over 10 years and £1,000 in interest
  • Over 15 years and £3,000 in interest
  • Over 27 years and almost £4,000 in interest

http://www.ft.com/cms/s/2/a4ed0430-e9f4-11e5-bb79-2303682345c8.html#axzz42rgBlu9j

Not many people understand this and the implications