You ran a little short on your spring break vacation, so you put $1,032 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,032?

99.89 months  or  8.32 years

Explanation:

This is an annuity problem. The formula is:

Where

P is the payment total need to be made

C is the periodic payment per period

r is the rate of interest

n is the time period

Given in the problem, you need to pay off 1032, so

P = 1032

Periodic payment of 20 per month, so

C = 20

Rate of interest 1.5% = 0.015, so

r = 0.015

Time (n) is what we want to find.

Substituting and using logs, we solve for t:

It will require 99.89 months!

In years, that would be:

99.89/12 = 8.32 years!

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.