Question 1076284
{{{ A = P*( 1 + r*t )
{{{ t }}} = time in yrs
{{{ P }}} = amount owed
{{{ A }}} = amount owed plus interest
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{{{ 100*( 12t ) = 1200t }}} = amount paid after {{{ t }}} yrs
{{{ 1200t = 2520.74*( 1 + .1599t ) }}}
{{{ 1200t = 2520.74 + 403.066t }}}
{{{ 796.934t = 2520.74 }}}
{{{ t = 3.163 }}} yrs
and
{{{ .163*12 = 1.96 }}} months
It takes 3 yrs and 2 months to pay off $2,520.74
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Definitely get another opinion on this!