Question

You have a $4017 credit card debt, and you plan to pay it off through monthly payments of $71. if you are being charged 13$ interest per year, how long will it take you to repay your debt?

Answer 1

It will take approximately 57 months to repay the $4017 credit card debt.

Step-by-step explanation:

To determine how long it will take to repay the $4017 credit card debt, we need to calculate the number of months it will take with the given monthly payment and interest rate. First, we need to calculate the monthly interest rate by dividing the annual interest rate by 12. In this case, the monthly interest rate will be 13% divided by 12, which is approximately 1.0833%. Next, we can calculate the number of months using the formula:

Number of months = Total debt / Monthly payment

Plugging in the values, we get:

Number of months = $4017 / $71

Number of months = 56.58

Since we cannot have partial months, we round up to the nearest whole month. So, it will take approximately 57 months to repay the $4017 credit card debt.