mimi424 mimi424

19-11-2020
Business

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The annual interest rate on a credit card is 17.99%. If a payment of $200.00 is
made each month, how many months will it take to pay off an unpaid balance of
$2,470.04?

Respuesta :

standeman standeman

19-11-2020

Answer:

It would take a total of 14.572001 Months to pay off the balance, with interest

Explanation:

$2470.04 Would take 12.6 months to pay off, therefore, you must apply 17.99% yearly interest to this figure.

$2470.04 * .1799 = $444.36 interest

Principal + interest = total

$2470.04 + $444.36= $2914.4

$2914.4 / $200 = 14.57 months

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