Please I need this answer very quick . I need help with #14
2 answers:
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Answer: The credit card will paid off within 10 years, therefore the correct option is D.
Explanation:
Let the number of years in which the credit card will aid of be x.
It is given that amount owed on credit card is $1000 with interest rate 27.99%.
So the amount of interest is calculated as,
The total amount have to pay is,
The minimum payment is $20 each month.
So, the credit card will paid of in 63.995 months. We know that 1 year =12 months.
Therefore, the will paid of in 5.33 years, s we can say that the credit card will paid off within 10 years, therefore the correct option is D.