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.

Answer 1

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.