1200 = 20(1 - 1.015^-n)/.015
0.9 = 1-1.015^-n
1.015^-n = 0.1
log (1.015^-n) = log 0.1
-n = log 0.1 / log 1.015 = -154.65
n = appr 155 months
About 13 years !!!
Seems harsh, but that is reality.
Considering that the interest in the first month is $18, he pays back only about $2 a month for quite some time
Balance = 1198.00
interest = 17.97
repayment = $2.03
Balance = 1198.97
interest = 17.94
repayment = $2.06
Balance = 1193.91
interest = 17.91
repayment = $2.09
notice that the repayment increases only by about 3 cents per month for quite a while.
Thanks, how much money will the bank receive at the end of the 13 years?
Math - Tyler buys a stereo system for $1200, and pays for it using a credit card...
consumer math - 1. Which of the following is an advantage of using credit cards...
Interest - Itís time to go shopping! You grab your Best Purchase credit card, ...
Computer science - Paying Off Credit Card Debt Each month, a credit card ...
computer programming - Paying Off Credit Card Debt Each month, a credit card ...
business math - . Jasonís credit cardís beginning unpaid balance for August is $...
math - Need help with math problem. Tom has an unpaid balance of $2,115.75 on ...
Math - The outstanding balance on Bill's credit card account is 3690 dollars. ...
math - Phil had an unpaid balance of $1,854.50 on his credit card statement at ...
math - Katie had an unpaid balance of $1,734.50 on her credit card statement at ...