You have a credit card with a balance of $754.43 at a 13.6% APR. You have $300.00 available each month to save or pay down your debts. How many months will it take to pay off the credit card if you only put half of the available money toward the credit card each month and make the payments at the beginning of the month? 2 months

6 months

4 months

7 months

Step-by-step explanation:

B(n) = A(1 + i)^n - (P/i)[(1 + i)^n - 1]

where B is the balance after n payments are made, i is the monthly interest rate, P is the monthly payment and A is the initial amount of loan.

We require B(n) = 0...i.e. balance of 0 after n months.

so, 0 = A(1 + i)^n - (P/i)[(1 + i)^n - 1]

Then, with some algebraic juggling we get:

n = -[log(1 - (Ai/P)]/log(1 + i)

Now, payment is at the beginning of the month, so A = $754.43 - $150 => $604.43

Also, i = (13.6/100)/12 => 0.136/12 per month

i.e. n = -[log(1 - (604.43)(0.136/12)/150)]/log(1 + 0.136/12)

so, n = 4.15 months...i.e. 4 payments + remainder

b) Now we have A = $754.43 - $300 = $454.43 so,

n = -[log(1 - (454.43)(0.136/12)/300)]/log(1 + 0.136/12)

so, n = 1.54 months...i.e. 1 payment + remainder

$20.01

step-by-step explanation:

the sale price is (1.00 - 0.77)($87), or 0.23($87), or $20.01.

chase is right because he already been to the swings and he know how far it will be to get there

step-by-step explanation: