As a college freshman, you got your first credit card and decided to update your dorky high school wardrobe, maxing out your $1500 credit limit in the process. Your credit card interest rate is 18% with monthly compounding and you can barely afford to make the minimum payments of $50 per month. What is the effective interest rate? 19.6%18.9%18.0%19.3% Question 10 How long will it take you to pay off your credit card from Question 9? \begin{tabular}{|} 3.3yrs \\ 2.5yrs \\ 4.1yrs \\ \hline \end{tabular} 6.6yrs