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Vladimir79 [104]
3 years ago
5

​Lisa's credit card balance this month is​ $969.16. Her APR​ (annual percentage​ rate) is 15.24​ %. The minimum payment due is​

$20.00. If she pays only the minimum each month and does not add any more​ charges, how long will it take her to pay off the entire​ balance?
Business
1 answer:
8090 [49]3 years ago
8 0

Answer:

It will take 50 months to complete the payment on his entire balance

Explanation:

We have to solve for n in an annuity:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\  

C  $20.00  

time n

rate (0.1524 / 12 months per year) 0.00127

PV $969.1600  

20 \times \frac{1-(1+0.00127)^{-n} }{0.00127} = 969.16\\  

(1+0.00127)^{-n}= 1-\frac{969.16\times0.00127}{20}  

(1+0.00127)^{-n}= 0.93845834


Now, we use logarithmics properties to get the answer:

[tex]-n= \frac{log0.93845834}{log(1+0.00127)  

n = 50.044991

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