
Sam Z. answered 10/16/19
Math/Science Tutor
Here's the formula for time: I figured 62.082 or 63 months. As for the payments I used $120=3% of 4000.
Remember 3%=.03 and 27%=.27.
The formula for the credit card equation is:
N=−1/30*ln(1+b/p(1−(1+APR/365)^30))
/(ln(1+APR/365))
where:
- N = number of months to payoff the credit card
- APR = credit card annual interest rate
- b = balance of the credit card
- p = monthly payment to be made