Answer:
Step-by-step explanation:
Solve by Substitution :
// Solve equation [2] for the variable y
[2] y = -x + 5
// Plug this in for variable y in equation [1]
[1] x - 2•(-x +5) = 8
[1] 3x = 18
// Solve equation [1] for the variable x
[1] 3x = 18
[1] x = 6
// By now we know this much :
x = 6
y = -x+5
// Use the x value to solve for y
y = -(6)+5 = -1
Solution :
Answer:
It will take approximately 25 months
Step-by-step explanation:
The amount owed on the credit card statement, P = $2,000
The interest rate of the credit on the credit card, r = 18.9%
The minimum monthly payment made, M = $100
The equal monthly installment formula is given as follows;
Therefore, we get;
100×1.01575ⁿ - 100 = 31.50×1.01575ⁿ
100×1.01575ⁿ - 31.50×1.01575ⁿ = 100
68.5×1.01575ⁿ = 100
1.01575ⁿ = 100/68.5
n = ln(100/68.5)/ln(1.01575) ≈ 24.21 (which is approximately 25 months, by rounding up to the nearest whole number)
Therefore, it will take approximately 25 months to pay off the credit card debt