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Thom owes $7,200 on his credit card. The credit card carries an APR of 18.4 percent compounded monthly. If Thom makes monthly payments of $225

Thom owes $7,200 on his credit card. The credit card carries an APR of 18.4 percent compounded monthly. If Thom makes monthly payments of $225 per month, how long will it take for him to pay off the credit card assuming that he makes no additional charges?

Multiple Choice

41.38 months

32.00 months

44.34 months

47.75 months

11.43 months

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