9. You went shopping a month ago, racking charges of $2,000 to your credit card along the way. Then the credit card statement comes, and it says your minimum monthly payment is only $40. Suppose you only pay the mini- mum payment of $40 every month. If the stated interest rate is 24%/year, compounded monthly, how long does it take for you to pay off your credit card debt? For simplicity, assume the first payment is due immediately, and your credit card company starts charging you interest after the first day of the first payment. C=40

9. You went shopping a month ago, racking charges of $2,000 to your credit card along the way. Then the credit card statement comes, and it says your minimum monthly payment is only $40. Suppose you only pay the minimum payment of $40 every month. If the stated interest rate is 24% /year, compounded monthly, how long does it take for you to pay off your credit card debt? For simplicity, assume the first payment is due immediately, and your credit card company starts charging you interest after the first day of the first payment