Question

In: Advanced Math

Hello! Please let me know, thank you! You have a credit card with a balance of...

Hello!

Please let me know, thank you!

You have a credit card with a balance of $13,600 and an APR of 18 percent compounded monthly. You have been making monthly payments of $260 per month, but you have received a substantial raise and will increase your monthly payments to $335 per month. How many months quicker will you be able to pay off the account?

37.39 Months

36.05 Months

40.06 Months

11.71 Months

34.33 Months

Thank you!

Expert Solution

first, we find a number of months taking to repay 13600 when a monthly payment is 260

formula is

L=13600

r=18%=0.18

n=12 for monthly compound

PMT=260

.....months

.

now we find a number of months taking to repay 13600 when a monthly payment is 335

formula is

L=13600

r=18%=0.18

n=12 for monthly compound

PMT=335

.....months

.

months quicker will you be able to pay off the account

Colby Messinger answered 2 years ago

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