Quiz: Cumulative Quiz 1 Submit Qut This Question: 1 pt 100f 10 (7 complete) This

Question

Quiz: Cumulative Quiz 1 Submit Qut This Question: 1 pt 100f 10 (7 complete) This Quiz: 10 pts possibl The annual interest rale on a credit card is 15.99%. "the mnimum payment of S40 is made each mort, how many morts will take to pay a" an urpaid balance or 821.187 Assume that no new purchases are made with the credit card t will take months to pay off the uncaid balance Do not round until the final answer. Then ound up to the nearest integer as needed) Enter your answer in the answer bDx 0 3 8 FDIT &SFND;

Explanation / Answer

Given that,

the annual interest rate on credit card is: 15.99%

unpaid balance of credit card is: $821.18

minimum payment per each month: $40

Monthly interest rate per month: 15.99/12 = 1.3325% per month

For month 1, the interest would be $821.18 * 1.3325 = $10.94

It will take 25 months to pay off the unpaid balance.

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