You have a credit card that has a balance of $10,430 at an APR of 11.99%. You plan to pay $500 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance? Formulas Number of Fixed Payments Required to Pay Off Credit Card Debt -1-() log(1+) R = PMT
You have a credit card that has a balance of $10,430 at an APR of 11.99%. You plan to pay $500 each month in an effort to clear the debt quickly. How many months will it take you to pay off the balance? Formulas Number of Fixed Payments Required to Pay Off Credit Card Debt -1-() log(1+) R = PMT
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
![You have a credit card that has a balance of $10,430 at an APR of 11.99%. You plan to pay
$500 each month in an effort to clear the debt quickly. How many months will it take
you to pay off the balance?
Formulas
Number of Fixed Payments Required to Pay Off Credit Card Debt
А
n
-log[1 - (PATT)]
log(1+)
R =
Monthly Payment Formula for Fixed Installment Loans
(P.2)
(₁ +7
PMT =
Maximum Purchase Price
maximum purchase price = PMT
(1+3)
A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc4fbc1b6-8992-44e2-8006-42f8b4235b32%2Fd2ea02de-a354-4ce5-ae02-322689ceeba0%2F3c6f5rp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You have a credit card that has a balance of $10,430 at an APR of 11.99%. You plan to pay
$500 each month in an effort to clear the debt quickly. How many months will it take
you to pay off the balance?
Formulas
Number of Fixed Payments Required to Pay Off Credit Card Debt
А
n
-log[1 - (PATT)]
log(1+)
R =
Monthly Payment Formula for Fixed Installment Loans
(P.2)
(₁ +7
PMT =
Maximum Purchase Price
maximum purchase price = PMT
(1+3)
A
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