after landing your dream job, you are very excited at the prospect of making $80,000 a year. You promptly max out your credit card on shopping, carbonated bulk beverages, and bigger and better calculators. Your credit card has with the low annual interest rate of 24% compounding monthly.

a) if you have a credit card debt of $20,000 and you make the minimum repayment of $425 each month, how long will it take to repay the credit card company?

b) what is the nominal annual interest rate charged by the credit company?

c) What is the effect of annual interest rate charged by the credit company?