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    kizzylilo's Avatar
    kizzylilo Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jan 28, 2013, 09:24 AM
    Brandi just received her credit card bill, which has an outstanding balance equal to
    Brandi just received her credit card bill, which has an outstanding balance equal to $3,310. The credit card carries an 18 percent simple interest rate, which is compounded monthly. If Brandi pays $150 each month, how long will it take her to pay off the credit card bill? Assume that the only charge Brandi incurs from month to month is the interest that must be paid on the remaining outstanding balance.
    odinn7's Avatar
    odinn7 Posts: 7,691, Reputation: 1547
    Entomology Expert
    		  
    #2

    Jan 28, 2013, 09:38 AM
    Hmmmm... I don't know... do you?

    We are not allowed to do your homework for you. You have to attempt to figure it out and show what you've done, then someone will come along and help you.
    kizzylilo's Avatar
    kizzylilo Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Jan 28, 2013, 10:26 AM
    um... IDK? That's why I asked you! You don't have to be a smartass!!

    This is what I have thus far

    $3,310.00 x 18% = $595.80
    Compounded monthly
    $595.80 / 12 months = Interest per month = $49.65 the rest is principle of the purchases
    $150 /per month = 22 months
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