Answer:
time = 4 year
Explanation:
given data
pay each month = $80
Credit card balance = $2,818
annual finance rate = 15.9%
solution
we get here time period that is express by as
Monthly payment = [tex]\frac{(P \times \frac{r}{12}) \times (1+ \frac{r}{12})^t }{(1+\frac{r}{12})^t-1}[/tex] ............1
put here value and we get
80 = [tex]\frac{(2818 \times \frac{0.159}{12}) \times (1+ \frac{0.159}{12})^t }{(1+\frac{0.159}{12})^t-1}[/tex]
solve it we get time t
t = 48 month
time = 4 year
