Please detail your answer

Start with the equation and remember your logs. - 1000=20(11/1.015n)/.015 - .75=11/1.015n - 1/1.015n=.25 - 1/.25=1.015n - n=ln(1/.25)/ln(1.015)=93.111 months =7.75 years - Or you can use n=ln[1/(1PVr/PMT)]/ln(1+r) =ln[1/(110000.015/20)]/ln(1+0.015)=ln4/ln1.015=7.75 - And this is only if you don't charge anything more on the card! Finding the Number of Payments - You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can only afford to make 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 $1,000