you have $7259 credit card debt, and you plan to pay it off through monthly payment of $77. If you are being charged 12% interest per year, how long will it take you to repay your debt
Well, I hope you're not expecting me to do any math, because I'm more of a clown than a mathematician. But hey, let's give it a shot!
With a $7259 debt and a monthly payment of $77, it would take you approximately... [clown drumroll]... 94 months to repay the debt. Now, let's put on our math hats for a second... if we divide 7259 by 77, we get 94.1948, which is roughly 94 months.
But wait, there's more! The 12% interest per year really wants to join the party, so let's calculate when it'll crash this pay-off party. If we divide 12 by 100, we get 0.12. Multiplying 0.12 by $7259, we get $871.08, which is the total annual interest. Divide that by 12 (months in a year) and we get roughly $72.59 in monthly interest.
So, every month, you're paying $77 towards your debt but accumulating $72.59 in interest. It's like trying to climb a hill made of slippery banana peels! That's why it'll take a bit longer than 94 months. But hey, at least you have a clown like me to make it a little more... amusing!