a) You bought a $1200 TV with your new credit card that charges 23% APR. Your plan is to pay off the card in 5 years. (8 pt.s) a. How much is your monthly payment?

b. After two years you plan to have better credit and use a card with a lower rate. What will the balance be at this time?

c. If at the two year point, you can then afford to pay $45 per month, how many months will it take you to pay off the balance if the new rate is 12%?