# math could anyone help me plz?:[

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you have a \$5841 credit card debt, and you plan to pay it off through monthly payments of \$71. if you are being charged 14% interest per year, how long will it take you to repay your debt?

• math could anyone help me plz?:[ -

Ouch!
You better increase that payment.

i = .14/12 = .0116667
let the time be n months

5841 = 71 (1 - 1.0116667^-n)/.0116667
68.145 =71(1 - 1.0116667^-n)
.9597887 = 1 - 1.0116667^-n
1.0116667^-n = .040211267
-n = log .040211267 / log 1.0116667 = 277 months
or 23 years.

Keep in mind that the interest the first month would be
5841(.0116667) or \$68.14
so if you are only paying \$71, you are paying off less than \$3 off per month at the start.
So in the first year of paying 71 x 12 or \$852 in payments, you would have reduced your entire debt by only about \$36

depressing , isn't it ????

• math could anyone help me plz?:[ -

wow! sure is. thanks so much sir! :]

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