What Your Bank Never Wants You To Find Out About Credit Cards

Algebra Level 3

Gullible Gregory got himself a credit card from the TwentyBucks Corporation. The advertisement for the card touted the low monthly minimal payment, which is \( \$ 20\) if your outstanding balance is under $1000. As a further promotion, the interest rate was a low \( 2\%\) per month (compounded monthly), if you use an automatic minimal payment plan.

Gregory used the card to buy himself a 40 inch HD TV which costs \( \$ 800\), and signed up for the monthly automatic minimal payment plan. How many months will it take for him to pay for the TV?

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