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 take 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 take to bring your
credit card balance to zero?