11. You owe $5,000 on your credit card, and you plan to pay it off through monthly payments of $100. If you are being charged 23.57% interest per year, how long will it take you to repay your debt? Round your answer to two decimal places.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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11. You owe $5,000 on your credit card, and you plan to pay it off
through monthly payments of $100. If you are being charged
23.57% interest per year, how long will it take you to repay your
debt? Round your answer to two decimal places.
Transcribed Image Text:11. You owe $5,000 on your credit card, and you plan to pay it off through monthly payments of $100. If you are being charged 23.57% interest per year, how long will it take you to repay your debt? Round your answer to two decimal places.
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