You have an $1,000 balance on your credit card, the payment on the card is $20...

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You have an $1,000 balance on your credit card, the payment on the card is $20...

You have an $1,000 balance on your credit card, the payment on the card is $20 per month, if monthly interest rate is 1.5%, then how long does it take to pay off the balance on the card?

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Answer 1

Answer #1

Function Arguments ? X NPER Rate 1.5% Pmt -20 Pv 1000 Evo Type o 1 1 1 = 0.015 = -20 = 1000 = 93.11105126 Returns the number

Hence, It will take 93.11 months or 7.76 (93.11/12) years to pay off loan

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Answer 2

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