The debt is $8600

In order to calculate the number of years necessary for a given payment schedule, the formula from the previous page can be written as shown below: log(1 - Mn) -n log (1+ 3. If you can afford only a monthly payment of $160, how long will it take to pay off the credit card debt from the previous problem? 4. Suppose you can only afford a monthly payment of $130. Use parts a & b to decide if you can pay off the debt with making this monthly payment. a) What do you notice about the quantity after substituting (sign)? b) What can you say about its logarithm? c) Will you be able to pay off the debt? If so, how long will it take? If not, why not? (Hint: use a & b) must equal 5. What is the minimum monthly payment that will work toward paying off the debt? (1- O to find minimum payment; solve for M using this idea) Mn In order to calculate the number of years necessary for a given payment schedule, the formula from the previous page can be written as shown below: log(1 - Mn) -n log (1+ 3. If you can afford only a monthly payment of $160, how long will it take to pay off the credit card debt from the previous problem? 4. Suppose you can only afford a monthly payment of $130. Use parts a & b to decide if you can pay off the debt with making this monthly payment. a) What do you notice about the quantity after substituting (sign)? b) What can you say about its logarithm? c) Will you be able to pay off the debt? If so, how long will it take? If not, why not? (Hint: use a & b) must equal 5. What is the minimum monthly payment that will work toward paying off the debt? (1- O to find minimum payment; solve for M using this idea) Mn