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You owe $1500 on a credit card that charges 2% interest each month. You can pay...

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Advance Math

You owe $1500 on a credit card that charges 2% interesteach month. You can pay $50 each month with no new charges. What isthe equilibrium value? When will the account be paidoff?

A) Equilibrium value is 2500 and the account will bepaid off approximately after 47 months.

B) Equilibrium value is 50 and the account will be paidoff approximately after 47 months.

C) Equilibrium value is 2500 and the account will bepaid off approximately after 40 months.

D) Equilibrium value is 1500 and the account will bepaid off approximately after 40 months.

E) All the above is incorrect

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