Question

You have a credit card that has a $5,000 balance. The interest rate is 19%. The credit card company requires a minimum monthly payment of $100. How long will it take for the balance to be $0?

Answer 1

4 years 2 months for only the $5000 dollars if there is no interest rate

Explanation:

1) divide 5,000 by a 100 and you get 15

2)calculate how many years in 50 months and the left over moths which cannot be subtracted by 12 is added as months.