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Helen recently received a credit card with a nominal interest rate of 20 percent. With the card, she purchased some new clothes for $475. The
Helen recently received a credit card with a nominal interest rate of 20 percent. With the card, she purchased some new clothes for $475. The minimum payment on the card is only $15 per month. If Helen makes the minimum monthly payment and makes no other charges, how long will it be before she pays off the card?
a. | 45.4 months | |
b. | The card will never be paid off. | |
c. | 22.1 months | |
d. | 29.5 months | |
e. | 56.7 months |
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