Assume you have a balance of $1,900 on a credit card.
If the credit card has an annual interest rate of 13.6% and only the minimum monthly
payment of $35 is made, how many months will it take to pay off the credit card?

Respuesta :

principal=$1900

rate =13.6 %

simple interest= $35

Time=?

SIMPLE INTEREST ={PRINCIPAL×RATE×TIME}/{100}

$35= [tex]{$1900 ×13.6× TIME}{100} /[/tex]

$35×100=25840× TIME

TIME=[tex]\bold\frac{ 3500}{25840}[/tex]

TIME=[tex] 700/5168 [/tex]

TIME=[tex]{\tt{\green{\underline{\underline{\huge{0.1354489164}}}}}}[/tex] years

sorry I can't solve wrong answer

Q&A Education