Like many college students, Yasmin applied for and got a credit card that has an annual percentage rate (APR) of 18%. The first thing she did was buy a new stereo system for $250. At the end of the month, her credit card statement said she only needed to make a minimum monthly payment of $15. Assume Yasmin makes her payment when she sees her statement at the end of each month. If Yasmin 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 stereo system? Assume that the credit card company compounds interest at the end of each month. 20.8 months 32.6 months 19.3 months 46.3 months 35.8 months Yasmin now realizes she needs to pay more than just the minimum payment (unless she wants to be paying for this stereo system until she graduates). She decides to pay twice the minimum monthly payment ($30 per month), instead. How much quicker will she pay off the stereo system? 19.5 months 10.3 months 13.9 months 17.9 months 16.8 months If, instead, Yasmin wants to have the stereo system paid for by the end of the year, what minimum monthly payment must she make? $36.10 $ 26.65 $22.92 $23.21 $31.59