You have a $8,000 balance on your credit card, which has aneffective monthly interest rate...

You have a $8,000 balance on your credit card, which has an effective monthly interest rate of 1.5%. How many months will it take you to pay off the balance by making monthly payments of $400?

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Expert Solution

We have to use financial claculator to solve this
put in calculator

FV		0
PV		-8000
I		1.50%
PMT		400

compute N	24.0

Ans =		24 month

jeff jeffy answered 2 years ago

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