Question

You have a $2,000 credit card debt, and you plan to pay it off through monthly payments of $50. If you are being charged 15% interest per year, how long (to the nearest 0.5 years) will it take you to repay your debt

Answer 1

Use recursive equations:

2000*(1+.15/2)-50 for every half year, keep doing "x(1+.15/2)-50 until the value is zero

Answer 2

yes I also had trouble with a problem like this before

Answer 3

2000 * (1 + .15)^m/12 - 50*m

use this for m=months

Answer 4

i have tried that i still do not get it

Answer 5

where is the problem from? don't they have formulas for this kind of thing?