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QUESTION 3 Joey has an outstanding credit card balance of $17,000 carrying an APR finance rate of 20% (note interest will be compounded monthly) and

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QUESTION 3 "Joey has an outstanding credit card balance of $17,000 carrying an APR finance rate of 20% (note interest will be compounded monthly) and requiring minimum monthly payments of $400 per month If only the minimum monthly payment of $400/month is made, how many months will it take to pay off this $17,000 credit card balance (assuming no new charges)?" 32.4 83.2 74.5 38.9 42.5

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