Sam owes $6,800 on a car loan that has an interest rate of 6.75 percent (APR) and monthly payments of $310. He just lost his job, and his new job pays less, so his lender just agreed to lower the monthly payments to $210 while keeping the APR at 6.75 percent. Car loan payments are structured as an annuity. How much longer will it take Sam to repay the car loan than he had originally planned?

a.

10.50 months

b.

18.90 months

c.

12.37 months

d.

11.47 months

e.

9.74 months