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

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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(52858) About Me  (Show Source):
You can put this solution on YOUR website!
.

This instruction is the sign of total   highlight%28highlight%28incompetence%29%29   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) About Me  (Show Source):
You can put this solution on YOUR website!

The loan payoff equation is
N+=+%28-log%28%281-+i+%2A+A+%2F+P%29%29%29+%2F+log+%28%281+%2B+i%29%29
N represents the number of payments you must make, or the number of months
i is the interest rate=3.5%=0.035 annually=> 0.035%2F12 monthly
A+is the amount owed =1700
P is the size of each payment=70


N+=25.2255months
N+=2.1 years