A recent social media post went viral about a student suffering with $$80,000$ of student debt while being unable to get even an entry level job consistent with the graduate's major. The loan is financed at a $7\mathrm{.}2\%$ annual rate, compounded monthly. You feel like you can afford to pay $$500$ per month $-$ but at this monthly payment $-$ debt on these terms will not be paid off until you are nearly social security eligible. If you were to exhibit more responsible budgeting skills and increase the monthly payment to $$750$ per month; you would then pay off the debt $$ sooner.

$5\mathrm{.}6$ years

a little less than $22$ years

about $30$ years

more than $40$ years