You have a credit card with a balance of $18,000. The annual interest rate on the card is 18% compounded monthly, and the minimum payment is $400 per month

If you pay only the minimum payment each month and do not make any new charges on the card, how many years will it take for you to pay off the $18,000 balance?

Answer: Calculator steps:
18,000 PV
-400 PMT
18 I/yr or I
N = Approximately 75 months = 6.25 years