Solve the Problem

question 8

Multiple Choice

Solve the problem. Assume no new purchases are made with the credit card.
-The annual interest rate on a credit card is 20.99%. If a payment of $100.00 is made each month, how long will it take to pay off an unpaid balance of $1546.15?

• A) 19 months
• B) 18 months
• C) 13 months
• D) 21 months

---

Definitions:

Set Notation

A standardized method of describing or defining a set by clearly specifying its elements or the properties that its members must satisfy.

Absolute Value Inequality

An inequality that involves the absolute value of a variable expression and defines a range of solutions.

Solution

A quantity or array of quantities that solve an equation, inequality, or simultaneous equations.

Absolute Value

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