Like many college students, Jaime applied for and got a credit card that has an annual percentage rate (APR) of 12%. The first thing she did was buy a new DVD player for $400. At the end of the month, her credit card statement said she only needed to make a minimum monthly payment of $15. Assume Jaime makes her payment when she sees her statement at the end of each month. If Jaime doesn't charge anything else and only makes the minimum monthly payments, approximately how many months would it take her to completely pay off the DVD player? Assume that the credit card company compounds interest at the end of each month.

20.8 months

37.8 months

35.8 months

29.3 months

31.2 months