james has $3000 in credit card debt, which charges 14% interest. how long will it take to pay off the card if he makes the minim
1 answer:
Answer:
The answer is approx 75 months.
Step-by-step explanation:
We have P = 3000
r = 14%
Monthly payment = $60
We will use the formula :
Solving this we get n = approx 75 months. After 75 months few dollars will be left. And in the 76th month the balance will become negative.
For easy and better understanding, I have attached an excel sheet.
The answer is approx 75 months.
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