12. You ran a little short on your spring break vacation, so you put $1,500 on your credit card. You can only afford make the minimum payment of $40 per month. The interest rate on the credit card is 2 percent per month. How long will you need to pay off the $1,500? a. 4.85 years b. 6.37 years c. 5.83 years d. 7.26 years 13. An ordinary annuity is best defined by which one of the following? a. Increasing payments paid for a definitive period of time. b. Equal payments paid at the end of regular intervals over a stated time period. c. Equal payments paid at the beginning of regular intervals for a limited time period. d. Equal payments that occur at set intervals for an unlimited period of time. 14. Find the present value of $1000 to be received 8 years from today if the interest rate is 11 per cent. a. $416.64 b. $432.89 c. $433.93 d. $440.67