Credit Card Repayment Calculation

To calculate how long it will take Mark to pay off his credit card balance of $5,000 with an interest rate of 19% and a minimum payment of $100 per month, we can use the formula for the amortization of a loan:

n=log⁡(PP−r⋅B)log⁡(1+r)n = \frac{\log(\frac{P}{P – r \cdot B})}{\log(1 + r)}n=log(1+r)log(P−r⋅BP​)​Where:

• $n$ is the number of months it will take to pay off the balance.
• $P$ is the monthly payment ($100).
• $r$ is the monthly interest rate (19% annually, so r=19%12=0.0158333r = \frac{19\%}{12} = 0.0158333r=1219%​=0.0158333).
• $B$ is the balance ($5,000)…

To calculate how long it will take Mark to pay off his credit card balance of $5,000 with an interest rate of 19% and a minimum payment of $100 per month, we can use the formula for the amortization of a loan:

n=log⁡(PP−r⋅B)log⁡(1+r)n = \frac{\log(\frac{P}{P – r \cdot B})}{\log(1 + r)}n=log(1+r)log(P−r⋅BP​)​

Where:

• $n$ is the number of months it will take to pay off the balance.
• $P$ is the monthly payment ($100).
• $r$ is the monthly interest rate (19% annually, so r=19%12=0.0158333r = \frac{19\%}{12} = 0.0158333r=1219%​=0.0158333).
• $B$ is the balance ($5,000)…

To calculate how long it will take Mark to pay off his credit card balance of $5,000 with an interest rate of 19% and a minimum payment of $100 per month, we can use the formula for the amortization of a loan:

n=log⁡(PP−r⋅B)log⁡(1+r)n = \frac{\log(\frac{P}{P – r \cdot B})}{\log(1 + r)}n=log(1+r)log(P−r⋅BP​)​

Where:

• $n$ is the number of months it will take to pay off the balance. Credit Card Repayment Calculation
• $P$ is the monthly payment ($100).
• $r$ is the monthly interest rate (19% annually, so r=19%12=0.0158333r = \frac{19\%}{12} = 0.0158333r=1219%​=0.0158333).
• $B$ is the balance ($5,000)…