Yvonne bought a new computer and printer for college. The total cost was $2500, which she put on her new credit card that has an interest rate of 13.5%. She makes a $75.00 monthly payment. How many months will it take to pay off the credit card balance?
I tried plugging it into a calculator and a formula, still not sure what im doing wrong. Plz help, thank you.
3 answers
so what formula are you using?
N = -log( 1- ( 13.5 / 12 ) (2,000 / 150 ))
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log ( 1+ ( 13.5 / 12 ))
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log ( 1+ ( 13.5 / 12 ))
Whoops total different numbers..
1 answer