magine that you currently have $10,000 in credit card debt. Suppose that your credit card charges 15% APR charged monthly.  This means that your monthly interest rate r is given by the formula r=APR/12 If you make payments of $300 per month, how long would it take to pay off your credit card debt?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 3PT: Drew wants to save 2,500 to go to the nextWorld Cup. To the nearest dollar, how much willhe need to...
icon
Related questions
icon
Concept explainers
Topic Video
Question

Imagine that you currently have $10,000 in credit card debt. Suppose that your credit card charges 15% APR charged monthly.  This means that your monthly interest rate r is given by the formula r=APR/12

If you make payments of $300 per month, how long would it take to pay off your credit card debt?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning