Yuo charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 26% annual interest, compounded monthly. If you make the minimum payments of $25 per month, how long will it take (to the nearest month) to pay off your balance

time = 94 months  =  7 years 10 months

Explanation:

given data

Present value PV = $1,000

Monthly payment PMT = $25

Interest rate r = 26% = = 0.021667

solution

we get here time so we apply formula that is

PMT =      ................1

put here value we get

25 =  

take ln both side

- t ln(1.02167)   = ln(0.1332 )

time t =  94 months

time = 7 years 10 months

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough