You have a $8,000 balance on your credit card, which has an effective 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?

Expert Solution

It will take 24 months to payoff the balance.

The detailed calculation is shown in the image below.

Interest is calculated by multiplying the balance with 1.5%.

Principle is calculated by substracting interest from payment

and balance is calculated by subtracting principle from previous balace.

jeff jeffy answered 2 years ago

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

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