Assume you have a balance of $1,900 on a credit card. If the credit card has an annual interest rate of 13.6% and only the minimum monthly payment of $35 is made, how many month…

Question

asked Sep 10, 2021 36.7k views

1 Answer

Xueli Chen · Answer 1 · 2021-09-16T22:34:28+0000

principal=$1900

rate =13.6 %

simple interest= $35

Time=?

SIMPLE INTEREST ={PRINCIPAL×RATE×TIME}/{100}

$35=
{$1900 ×13.6× TIME}{100} /

$35×100=25840× TIME

TIME=
$\bold( 3500)/(25840)$

TIME=
700/5168

TIME=
${\tt{\green{\underline{\underline{\huge{0.1354489164}}}}}}$ years

sorry I can't solve wrong answer