Assume you have $5,500 in credit card debt. Annual interest rate = 14.5% How much will your monthly payments be if you payback this debt over 12, 24, 36 and 48 months? What is the total amount repaid under each scenario? What is the total interest paid under each scenario? Answers (Your answers may be off a few cents +/-) 12 months: $495.12/month; Total repaid = $5,941.49; Total Interest = $441.49 24 months: $265.37/month; Total repaid = $6,368.92; Total Interest = $868.92 36 months: $189.32/month; Total repaid = $6,815.35; Total Interest = $1,315.35 48 months: $151.68/month; Total repaid = $7,280.58; Total Interest = $1,780.58