You owe $2,264.96 on a credit card at a 14.7% apr. you pay $500.00/month. how many months does it take to pay off your balance?

5 months

Step-by-step explanation:

Since, time-to-pay off formula for a credit card is,

Where, P is owing amount,

r is rate per period,

M is payment per period,

Here, P = $ 2,264.96,

M = $ 500.00 per month

APR = 14.7 % = 0.147 ⇒ r =

Hence, the number of months does it take to pay off the balance,

Therefore, It will take approx 5 months to pay off the balance.

the answer to this question is 3/19

step-by-step explanation: