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. (do not use commas or dollar signs in the answers)

How much will he pay in all?

Answer 1

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

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.