document.write( "Question 1158693: The annual interest rate on a credit card is 16.99%. If the minimum payment of $40 is made each month, how many months will it take to pay off an unpaid balance of $818.85? Assume that no new purchases are made with the credit card. \n" ); document.write( "

Algebra.Com's Answer #781672 by Theo(13342) $\"\"$ $\"About$

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unpaid balance is 818.85
\n" ); document.write( "paying 40 dollars at the end of each month at 16.99% interest compounded monthly will take 24.3 months before the loan is paid off.
\n" ); document.write( "i used the calculator at
\n" ); document.write( "my inputs were:
\n" ); document.write( "present value = 818.85
\n" ); document.write( "future value = 0
\n" ); document.write( "interest rate per year = 16.99%/12 = 1.425833333...% per month
\n" ); document.write( "payment of 40 dollars made at the end of each month.
\n" ); document.write( "the output from the calculator was:
\n" ); document.write( "number of months = 24.3
\n" ); document.write( "here's a picture of the calculator inputs and outputs.\r
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\n" ); document.write( "\n" ); document.write( " $\"%%%\"$ \r
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\n" ); document.write( "\n" ); document.write( "this calculator can be found at https://arachnoid.com/finance/index.html \n" ); document.write( "

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