Using Annuity Formulas.

You decide to treat your friends to a 20,000 luxury trip to the World Cup. You must borrow the full amount (20,000) on your credit card. The interest rate is 2.0 per cent per month. You start making payments of 500 per month. How long will it take you to pay off this debt assuming that you do not charge anything else and only make regular monthly payments of 500? Chose the answer below closest to the correct solution