Question

The balance on a certain credit card will be paid off in 53 months by making on-time minimum monthly payments or in 21 months by paying an additional $40.00 per month. What percent of time will be saved by paying the extra $40.00 per month?

Answer 1

Explanation

To solve the question, let us make the initial payments to be x

So that means that in 53 months, the total that will be paid will be

$53\times x=53x$

Also, we are told that if a