Question: 1. I find this question very confusing. I would do appreciate it if you solve it in full detail. 2. Also, is the $1000 the

1. I find this question very confusing. I would do appreciate it if you solve it in full detail.

2. Also, is the $1000 the PV or FV? and why is that?

Q. You have $1000 on your credit card outstanding but can afford the payment of only $20 per month. The card interest rate is 1.5% per year. How long does it take to pay off the $1000?

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