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You have a $7,000 credit card debt, and you plan to pay it off through monthly payments of $175. If you are being charged 15% interest per year, how long (to the nearest 0.5 yea…

You have a $7,000 credit card debt, and you plan to pay it off through monthly payments of $175. If you are being charged 15% interest per year, how long (to the nearest 0.5 yea…
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You have a $7,000 credit card debt, and you plan to pay it off through monthly payments of $175. 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?

User Jens Jansson
by
8.3k points

1 Answer

5 votes
6 years?
You haven't given any options..but this is how i got it.
7000/175= 40
40*0.15=6
User Sam Derbyshire
by
7.0k points
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