You ran a little short on your spring break vacation, so you put $1,032 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,032?

99.89 months  or  8.32 years

Explanation:

This is an annuity problem. The formula is:

Where

P is the payment total need to be made

C is the periodic payment per period

r is the rate of interest

n is the time period

Given in the problem, you need to pay off 1032, so

P = 1032

Periodic payment of 20 per month, so

C = 20

Rate of interest 1.5% = 0.015, so

r = 0.015

Time (n) is what we want to find.

Substituting and using logs, we solve for t:

It will require 99.89 months!

In years, that would be:

99.89/12 = 8.32 years!

answer; im thinking the correct answer is (7years);

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability