SOLUTION: Joel is considering putting a $1700 laptop purchase on his credit card, which has an interest rate of 3.5% compounded monthly. How long will it take him to pay off the purchase if

Question 1204353: Joel is considering putting a $1700 laptop purchase on his credit card, which has an interest rate of 3.5% compounded monthly. How long will it take him to pay off the purchase if he makes monthly payments of $70? Round your answer to the nearest tenth of a year.

Found 2 solutions by ikleyn, MathLover1:
Answer by ikleyn(52863)   (Show Source): You can put this solution on YOUR website!
.

This instruction is the sign of total      of the problem's creator
to require to round to the closest tenth of a year.

In such problems the answer MUST BE in whole number of months.

Please do not post GIBBERISH to this forum.

Answer by MathLover1(20850)   (Show Source): You can put this solution on YOUR website!

The loan payoff equation is

represents the number of payments you must make, or the number of
is the interest rate=%= annually=> monthly
is the amount owed =
is the size of each payment=

months
years

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