Suppose you owe $1,000 on your credit card. The annual percentage rate (APR) is 24%, compounded monthly. The credit card company says your minimum monthly payment is $22.39. a. If you make only this minimum payment, how long dl it take for you to repay the $1,000 balance (assuming no more charges are made)?

b. If you make the minimum payment plus $9.07 extra each month (for a total of $31.46), how long sill it take to repay the $1,000 balance?

c. Compare the total interest paid in Part (a) with the total interest paid in Part (b).