The annual percentage rate (APR) on your credit card is 14.5% (monthly compounded). During the first
week of school, you racked up $700 in credit
card debt. You do not have access to a cheaper source of
financing, and you definitely do not want to tell your parents, so you decided that you will pay it all back
in $75 equal monthly installments.
Your first payment is due
today
.
How long will it ta
ke to bring your
credit card balance to zero

Question

The annual percentage rate (APR) on your credit card is 14.5% (monthly compounded). During the first
week of school, you racked up $700 in credit
card debt. You do not have access to a cheaper source of
financing, and you definitely do not want to tell your parents, so you decided that you will pay it all back
in $75 equal monthly installments.
Your first payment is due
today
.
How long will it ta
ke to bring your
credit card balance to zero