Be sure to describe how you got the results - you don't need to type in equations but you should say what you got from the equation and explain your results. Answer in years-months as in the book - example:1 year 2 monthsinstead of 14 months.

Usingm=log_(1+i)(1 P/pmt*i), determine how long it will take to pay off the following debts:

Part A [4 pts]:a credit card balance of $4,782 if you can afford monthly payments of $30 and the interest rate is 25.99% annual interest compounded monthly?

Part B [4 pts]:a credit card balance of $4,782 if you can afford monthly payments of $30 and the interest rate is 4.99% annual interest compounded monthly?

Part C [3 pts]:Explain why a low interest rate is so important with debt.