(Annuity payments) Calvin Johnson has a

$6,000

debt balance on his Visa card that charges

10.5

percent APR compounded monthly. In 2009, Calvin's minimum monthly payment is

2

percent of his debt balance, which is

$120.

How many months (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of

$120

at the end of each month? In 2010, as the result of a federal mandate, the minimum monthly payment on credit cards rose to

3

percent. If Calvin made monthly payments of

$180

at the end of each month, how long would it take to pay off his credit card?

Question content area bottom

Part 1

a.If Calvin made monthly payments of

$120

at the end of each month, how long would it take to pay off his credit card?

enter your response here

months(Round up to the nearest unit.)

Part 2

b.If Calvin made monthly payments of

$180

at the end of each month, how long would it take to pay off his credit card?

enter your response here

months(Round up to the nearest unit.)