Math 1050 Credit Card Debt Assignment Name Sean 2. A formula for calculating the payment, P, required to pay off a debt of amount Din M_ months with montns interest rate i is pee Dsiees: —(1+i) P= Using this formula, solve for M to determine the number of months it will take to pay off the $2000 credit card debt with minimum monthly payments of $25. Round the number of months to two decimal places. (Attach all work for this, assignment to the end.) oe (0.01208) | : oe T= Ur 0.012083) Ae feralcfec wn = (= (yi) “ How long is this in years, rounded to the nearest tenth of a year? ein (1+) aBs.\+ ie #236 | (Cezeee ae 35° What is the total amount paid to the credit card company, rounded to the nearest dollar? Tin DR 183.1 -2S= yro77-% n¢.03334) hy (1.912083 A= BBB 3. How many months wll be required to pay off the debt you pay $50 each month? Roun to two decimal places. = +1 aie = Bey 74a pee Ne STeGiolnahte oT Va) = (14+ 0,0 12033) How long is this in years, rounded to the nearest tenth of a year? Gr. A Aas .A 75 What is the total amount paid to the credit card company, rounded to the nearest dollar? F299. 4, How many months will be required to pay off the debt if you pay $75 each month? Round to two decimal places. eae mae Wbsb777%2) In (hol acts) (Az 3a. rr ens ete 40 How long is this in years, rounded to the nearest tenth of a year? ae Ors ‘What is the total amount paid to the credit card company, rounded to the nearest dollar? 420% x7 = WDA