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20. You owe $2,400 on your credit card. You are not charging any additional purchases because you want to get this debt paid in full.

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20. You owe $2,400 on your credit card. You are not charging any additional purchases because you want to get this debt paid in full. The card has an annual rate of 18%. How long does it take to pay off this balance if you make monthly minimum payments of $352 What if you increase monthly pavments to $50, how much sooner? A. 12.8 yrs at $35/month; shortened to 9.3 years at $50/month B. $35/month forever only pays off an initial debt of $2,333.33; $50/month CANNOT pay off the debt either c. $35/month is too low to pay off the debt; 7.1 yrs at $50/month D. 18% is too high for $35/month to pay off the debt, 12.9 yrs at$50/month 015 x

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