SOLUTION: Kareem purchased a leather jacket for $800 with his new credit card. He budgeted $50 a month to pay toward the debt. When he read the fine print on the credit card statement, he sa
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-> SOLUTION: Kareem purchased a leather jacket for $800 with his new credit card. He budgeted $50 a month to pay toward the debt. When he read the fine print on the credit card statement, he sa
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Question 40726: Kareem purchased a leather jacket for $800 with his new credit card. He budgeted $50 a month to pay toward the debt. When he read the fine print on the credit card statement, he saw that for each month he owed a balance, a finance charge of $17.50 would be added. How many months will it take Kareem to pay off the leather jacket?
Thanks
You can put this solution on YOUR website! monthly budget for jacket 50
finance charge/month 17.5
net credit per month = 50-17.5 = 32.5
cost of jacket = 800
months to repay = cost/net crdit = 800 / 32.5 = 24 months + 20 dollars
= 25 months. okay.
