China Merchants Bank spent 2900 yuan on credit cards. I want to return it to 500 yuan every month. What is the interest rate? How much does the repayment amount add up to?

First of all, the composition of the minimum repayment amount is: the sum of consumption+cash withdrawal+interest+expenses last month.

First month: 2900* 5/ 10000, which is the interest of the first month, because you haven't paid it in full.

Second month: (2900-500)* Five ten thousandths, this is your interest for the second month.

And so on, but only a rough figure can be worked out, because if it is the lowest for a long time, interest will be counted in the principal, commonly known as interest.

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