You have an $8000 balance on your credit card,which charges 18% interest annually (1.5 per month).If you can afford to pay $100 per month,how many months will it take to pay the credit card in full?
A)170 months
B)14 months
C)162 months
D)You will never get the card paid off at that rate.

Question

Quizplus · Accepted Answer

Paying $100 per month is not enough to cover the interest accrued each month, so the balance will continue to grow, and you will never pay off the card.

You Have an $8000 Balance on Your Credit Card,which Charges