Question
The annual interest rate on a credit card is14.99 %. If a payment of 400$ is made each month, how many months will it take to pay off an unpaid balance of 2385.82 $? Assume that no new purchases are made with the credit card.
Answers
GPT 3.5
To find out how many months it will take to pay off the unpaid balance, we need to divide the unpaid balance by the monthly payment.
The monthly payment is $400.
So, we have:
2385.82 / 400 = 5.96455
Since we can't have a fraction of a month, we need to round up to the nearest whole number.
Therefore, it will take 6 months to pay off the unpaid balance.
The monthly payment is $400.
So, we have:
2385.82 / 400 = 5.96455
Since we can't have a fraction of a month, we need to round up to the nearest whole number.
Therefore, it will take 6 months to pay off the unpaid balance.