debt

[logistic_guy]

here is the question

How long will it take me to pay off a \(\displaystyle \$10,595\) debt at \(\displaystyle 16\%\) if I pay \(\displaystyle \$250\) per month?


my attemb
\(\displaystyle \frac{10595}{250} = 42.38\) month
am i correct?

 

[The Highlander]

here is the question

How long will it take me to pay off a \(\displaystyle \$10,595\) debt at \(\displaystyle 16\%\) if I pay \(\displaystyle \$250\) per month?


my attemb
\(\displaystyle \frac{10595}{250} = 42.38\) month
am i correct?

It looks unlikely (to me) that you are correct.

What is the 16% there for?

I would assume that this is an interest rate that is being charged on whatever the current balance of the debt is.

Unfortunately, your presentation of the question doesn't say whether this interest is simple or compound (and how often it is compounded) but, either way the debt is likely to be periodically increased while you are paying it off.

Therefore, by the time you eventually clear it off you will have paid more than just $10,595.

PS: I believe you mean to write "my attempt" (not "my attemb")

Hope that helps.

 

[logistic_guy]

It looks unlikely (to me) that you are correct.

thank

What is the 16% there for?

to force me pay more

Unfortunately, your presentation of the question doesn't say whether this interest is simple or compound (and how often it is compounded) but, either way the debt is likely to be periodically increased while you are paying it off.

do you know rule of thumb?
my teacher say if the question don't say anything about the interest, it's annual compound

Therefore, by the time you eventually clear it off you will have paid more than just $10,595.

i think you're right. i've to use the interest rate to pay more than the original loan

PS: I believe you mean to write "my attempt" (not "my attemb")

english isn't my language

Hope that helps.

very much

 

[jonah2.0]

Beer induced reaction follows.

english isn't my language

Just out of curiosity, what is your language?

 

[logistic_guy]

Just out of curiosity,

الفضول قتل القطة

what is your language?

اللغة العربية
وهي لغة القرآن

 

[khansaheb]

here is the question

How long will it take me to pay off a \(\displaystyle \$10,595\) debt at \(\displaystyle 16\%\) if I pay \(\displaystyle \$250\) per month?


my attemb
\(\displaystyle \frac{10595}{250} = 42.38\) month
am i correct?

NO!
Calculating the time to pay off is more complicated - this is similar to calculation of annuity.

Please tell us what you find after consulting your textbook, and/or Google and/or Wikipedia.

 

[khansaheb]

here is the question

How long will it take me to pay off a \(\displaystyle \$10,595\) debt at \(\displaystyle 16\%\) if I pay \(\displaystyle \$250\) per month?


my attemb
\(\displaystyle \frac{10595}{250} = 42.38\) month
am i correct?

To get an approximate answer you could use rule of 72.