Family has a credit card with a $6,000 limit she charges $750 every month for clothes but she can only pay back $300 a month how many months until her card reaches or exceeds its limit
To determine how many months it will take for the credit card to reach or exceed its limit, we need to calculate the remaining balance after each month's payment.
Initially, the credit card has a limit of $6,000 and she charges $750 every month. Since she can only pay back $300 per month, the difference between her monthly charges and payments is $750 - $300 = $450.
In the first month, she charges $750 and makes a $300 payment. Therefore, the remaining balance is $750 - $300 = $450.
In the second month, she charges another $750 and makes a $300 payment. The remaining balance becomes $450 + ($750 - $300) = $900.
In each subsequent month, the remaining balance will increase by $450. Hence, the number of months until her card reaches or exceeds its limit can be calculated using the equation:
$6,000 + ($450 × n) ≤ $6,000,
where n represents the number of months.
Now, let's solve for n:
$450n ≤ 0,
This implies that n = 0.
However, she has already charged $750 in the first month, so the remaining balance isn't $6,000. Therefore, she will never reach or exceed the card's limit because her monthly charges are less than her payments.