+18 Lana’s car needs major work done to it that will cost of $2240. She has a line of credit
that she can use to pay for this. The line of credit has an interest rate of 9.8%
compounded weekly. If Lana makes monthly payments of $80, how long will it take her
to pay off the line of credit?
You must convert the interest rate of 9.8% from weekly compound to monthly compound.
9.8% compounded weekly==9.83082720035% compounded monthly
PV=2240; FV=0; PMT=80;R=0.0983082720035/12; N=Log((PMT-FV*R) /(PMT-R*PV)) / Log(R+1)
N==31.94 ==~32 months to pay off her line of credit loan.
