Using the information from Problem 3, how many months will it take you to pay off your debt if you pay $600.00 at the beginning of each month? Include the last month even if the payment is less than $600.00.
To calculate the number of months it will take to pay off the debt, we need to divide the total debt by the amount paid each month.
Total debt is $5690.00 and the amount paid each month is $600.00.
Number of months = Total debt / Amount paid each month
Number of months = $5690.00 / $600.00
Number of months = 9.48333
Since we cannot have partial months for payments, we need to round up to the next whole number.
Therefore, it will take 10 months to pay off the debt by making payments of $600.00 at the beginning of each month.