Lisa's credit card balance this month is $969.16. Her APR (annual percentage rate) is 15.24 %. The minimum payment due is $20.00. If she pays only the minimum each month and does not add any more charges, how long will it take her to pay off the entire balance?

It will take 50 months to complete the payment on his entire balance

Explanation:

We have to solve for n in an annuity:

C  $20.00  

timen

rate(0.1524 / 12 months per year) 0.00127

PV$969.1600  

Now, we use logarithmics properties to get the

[tex]-n= \frac{log0.93845834}{log(1+0.00127)  

n = 50.044991

answer; commerce clearing house;