Question

Really confusing!

You are paying 18.9% interest on the $2,000, and you can manage to pay $100 a month. If you continue to pay only $100 a month, how long will it take to pay off your debt?
A.
22 months
B.
23 months

D.
24 months

Answer 1

is this consumer math

Answer 2

yes!

Answer 3

Approximately, I got D as my answer...am I right if you have the answer so I can explain what I did??

Answer 4

are you there??

Answer 5

yes you are right! 24!

Answer 6

this is how I worked it out......
if you are paying an interest of 18.9% of what you originally collected.......the total you are going to pay back is
\[$2000 + (\frac{ 18.9 }{ 100 } \times $2000)\]

Answer 7

if I calculate that, I get $2378

Answer 8

and if you are paying $100 every month, divide the $2378 by $100 and the answer is going to be the number of months you would be paying the $100......

Answer 9

do you understand what I am trying to explain???

Answer 10

yes thank you!

Answer 11

you are welcome!.....:)