George Mills
03/18/2024 · High School
Joel is considering putting a \( \$ 3100 \) laptop purchase on his credit card, which has an interest rate of \( 2.25 \% \) compounded monthly. How long will it take him to pay off the purchase if he makes monthly payments of \( \$ 25 \) ? Round your answer to the nearest tenth of a year.
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It will take Joel approximately 11.7 years to pay off the laptop purchase.
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