You have a $7,000 balance on your credit card, which has an effective monthly interest rate...

You have a $7,000 balance on your credit card, which has an effective monthly interest rate of 1.25%. How many months will it take you to pay off the balance by making monthly payments of $300?

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Expert Solution

rate positively .. let me know if you need any clariifcation .

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

FV		0
PV		-7000
I		1.25%
PMT		300

Compute N	27.76

ans =		27.8 month or 28 month (Ronded off to single digit)

jeff jeffy answered 2 years ago

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