MC algo 5-37 Calculating Annuity Periods You have a credit card with a balance of $16,000 and an APR of 18.8 percent compounded monthly. You have been making monthly payments of $300 per month, but you have received a substantial raise and will increase your monthly payments to $375 per month. How many months quicker will you be able to pay off the account? 42.10 months 38.66 months 40.60 months 10.67 months 45.11 months