Posted by Danielle on .
Tyler buys a stereo system for $1200, and pays for it using a credit card. This particular card charges 1.5 percent monthly interest on the unpaid balance, and requires a minimum payment of $20 each month. Suppose that Tyler pays only the minimum amount each month. How long will it take Tyler to pay off the debt in this way, and how much will the bank eventually receive for its $1200 loan to Tyler?