Respuesta :
Thank you for posting your question here at brainly. Based on the problem above, the statement that is correct is the letter C which is You will have it paid off within 5 years. Below is the solution:
= ($1000 x 27.99%) + $1000
= ($1000 x .2799) + $1000
= 279.90+ $1000
= $1279.90/ $20
= 63.99/ 12 months
= 5.33 years
= ($1000 x 27.99%) + $1000
= ($1000 x .2799) + $1000
= 279.90+ $1000
= $1279.90/ $20
= 63.99/ 12 months
= 5.33 years
Answer: The credit card will paid off within 10 years, therefore the correct option is D.
Explanation:
Let the number of years in which the credit card will aid of be x.
It is given that amount owed on credit card is $1000 with interest rate 27.99%.
So the amount of interest is calculated as,
[tex]1000\times \frac{27.99}{100} =\$27.9[/tex]
The total amount have to pay is,
[tex]\$1000+\$279.9=\$1279.9[/tex]
The minimum payment is $20 each month.
[tex]x=\frac{1279.9}{20}[/tex]
[tex]x=63.995[/tex]
So, the credit card will paid of in 63.995 months. We know that 1 year =12 months.
[tex]\frac{63.995}{12} =5.33[/tex]
Therefore, the will paid of in 5.33 years, s we can say that the credit card will paid off within 10 years, therefore the correct option is D.
