Question

you pay off a debt of $600 by paying 23% of the remaining balance each month how many months will it take for your loan balance to equal to 300 round your answer to the nearest whole month ​

Answer 1

To find out the number of months it will take to pay off a debt of $600 by paying 23% of the remaining balance each month, you can set up an equation and solve for the variable 'x'. The equation will involve calculating the remaining balance after each month based on the given payment percentage.

Step-by-step explanation:

To find out the number of months it will take to pay off a debt of $600 by paying 23% of the remaining balance each month, we can set up an equation. Let's say the number of months it will take is 'x'. The remaining balance after each month can be calculated as follows:

Remaining balance after 1 month = $600 - (23%/100)*$600

Remaining balance after 2 months = (Remaining balance after 1 month) - (23%/100)*(Remaining balance after 1 month)

Similarly, we can continue this pattern until the remaining balance equals $300. Once we have the equation, we can solve for 'x' to find the number of months.

Let's solve the equation to find the value of 'x':

(Remaining balance after 1 month) - (23%/100)*(Remaining balance after 1 month) - (23%/100)*((Remaining balance after 1 month) - (23%/100)*(Remaining balance after 1 month)...)

Once the equation is solved, 'x' will represent the number of months it will take to pay off the debt.