Credit Card Balance

Question

Suppose you have a credit card balance of $16,500. the minimum payment is $338, and the annual percentage rate is 20.9%. If you make the minimum payment of $338, how long will it take you to pay off the credit card balance?

Answer 1

find 20% of $16,500, subtract it from $338. then divide 16,500 by the answer and you will get the years.