Joey Realizes That He Has Charged Too Much on His

question 64

Multiple Choice

Joey realizes that he has charged too much on his credit card and has racked up $4,000 in debt. If he can pay $200 each month and the card charges 20 percent APR (compounded monthly) , how long will it take him to pay off the debt?

• A) 17.40 months
• B) 20.00 months
• C) 24.04 months
• D) 24.53 months

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Definitions:

Annual

Occurring once every year.

Absolute Value

The distance of a number from zero on the number line, without considering direction; always non-negative.

Solution

The number or collection of numbers that fulfill a given equation, inequality, or a set of equations.

Inequality

A mathematical statement that suggests a non-equivalence between two values or expressions.