document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1032194>Question 1032194</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The annual interest rate on a credit card is 13.99%. If the minimum payment of $20 is made each month, how many months will it take to pay off an unpaid balance of $901.42? Assume that no new purchases are made on the credit card.\r<BR>\n" );
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document.write( "Please show me how to work it out AND the answer if possible. Thank you so much. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #646901 by </B><A HREF=/tutors/aboutme.mpl?userid=pphantom><B>pphantom(4)</B></A><img src=\"/images/stars/iconNewId_16x16.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=pphantom><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=646901\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Where N is the number of monthly payments, i is the decimal interest rate per MONTH, A is the amount owed, and P is the payment amount.\r<BR>\n" );
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document.write( "N = -LOG(1-iA/P)/LOG(1+i)<BR>\n" );
document.write( "i = 13.99% per year/100/12 months per year = .011658<BR>\n" );
document.write( "A = $901.42<BR>\n" );
document.write( "P = $20<BR>\n" );
document.write( "N - -LOG(1-.011658*901.42/20) / LOG(1+.011658)<BR>\n" );
document.write( "N = 64 months\r<BR>\n" );
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document.write( "Credit goes to http://brownmath.com/bsci/loan.htm#LoanNumber for the complete explanation and the basic formulas. I just had to figure out what they were using for i and put your numbers into it.  </SPAN>\n" );
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