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Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $120?

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Answer:

83.14 months

Explanation:

In this question, we use the NPER formula that is shown in the attachment

Given that,  

Present value = $6,200

Future value = $0

Rate of interest = 14.9% ÷ 12 months = 1.24166%

PMT = $120

The formula is presented below:

= NPER(Rate;PMT;-PV;FV;type)

The present value come in negative

So, after solving this, the time period is 83.14 months

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