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The table shows a schedule of Mr. Kirov’s plan for paying off his credit card balance.

Mr. Kirov’s Payment Plan
Balance
Payment
New Balance
Rate
Interest
$800.00
$100
$700.00
0.012
$8.40
$708.40
$100
$608.40
0.012
$7.30
$615.70
$100
$515.70
0.012
$6.19

If Mr. Kirov continues to make monthly payments of $100 and does not make any new purchases, how many more payments will he need to make before the balance is 0?
4 payments
5 payments
6 payments
7 payments

Respuesta :

Tundexi

He will need to make 6 more payments in order to ensure that the outstanding balance becomes 0.

What involves paying off of credit card balance?

When there is an ongoing repayment schedule for a credit, there is a time-frame expected for full repayment which is calculated with an interest rate to ensure the balance equals zero.

Here, the observation shows the balance reduces by $100 every months, thus, the balance of $615.70 is expected to be fully paid in 6 months ($101 * 6 months).

Therefore, the Option C is correct.

Read more about credit card balance

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