You ran a little short on your spring break vacation, so you put $1000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1000?
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Answer:
470
Step-by-step explanation:
It can be found out by the formula
1000= 20(1+0.015)^n where n is the number of years
50= (1.015)^n
n>= 470 years
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