SOLUTION: The annual interest rate on a credit card is 15.99​%. If a payment of ​$100.00 is made each​ month, how many months will it take to pay off an unpaid balance of &

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Question 1076284: The annual interest rate on a credit card is 15.99​%. If a payment of ​$100.00 is made each​ month, how many months will it take to pay off an unpaid balance of ​$2,520.74​? Assume that no new purchases are made with the credit card.
Found 2 solutions by josmiceli, MathTherapy:
Answer by josmiceli(19441)   (Show Source): You can put this solution on YOUR website!
= time in yrs
= amount owed
= amount owed plus interest
-----------------------------------
= amount paid after yrs



yrs
and
months
It takes 3 yrs and 2 months to pay off $2,520.74
----------------------
Definitely get another opinion on this!

Answer by MathTherapy(10553)   (Show Source): You can put this solution on YOUR website!

The annual interest rate on a credit card is 15.99​%. If a payment of ​$100.00 is made each​ month, how many months will it take to pay off an unpaid balance of ​$2,520.74​? Assume that no new purchases are made with the credit card.
Time it takes to pay off balance:  

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