Question

Ramiro is also a college student. He has a credit card balance of $500.00. The APR on his card is

18.24%. His minimum payment is $10.00.

If Ramiro stops using his credit card, how long will it take him (in months) to pay off the $500.00 if he
makes only the minimum payment?

Answer 1

No of Monthly payment it would take to pay off his credit card = $94.601 per month

Step-by-step explanation:

If Ramiro made monthly payments at the end of each month, how long would it take to pay off his credit card?

No of Monthly payment it would take to pay off his credit card = nper(rate,pmt,pv,fv)

No of Monthly payment it would take to pay off his credit card = nper(18.24%/12,10,-500,0)

No of Monthly payment it would take to pay off his credit card = $94.601 per month.