13. You have a $3,500 credit card balance and the credit card company charges 12 percent interest annually. How many years would it take to pay down the entire balance if each month you make an $80 payment? A. 4.8 years B. 5.8 years C. 12.3 years D. 57.8 years E. 70.0 years Answer: 14. Rick's Motors will sell you a $9,000 car for $250 a month for 5 years. What is the annual nominal interest rate (i.e., APR) on this purchase? A. 16.62 percent B. 17.27 percent C. 18.46 percent D. 20.74 percent E. 22.28 percent Answer:

13. You have a $3,500 credit card balance and the credit card company charges 12 percent interest annually. How many years would it take to pay down the entire balance if each month you make an $80 payment? A. 4.8 years B. 5.8 years C. 12.3 years D. 57.8 years E. 70.0 years Answer: 14. Rick's Motors will sell you a $9,000 car for $250 a month for 5 years. What is the annual nominal interest rate (i.e., APR) on this purchase? A. 16.62 percent B. 17.27 percent C. 18.46 percent D. 20.74 percent E. 22.28 percent