#twentyeight

You have a credit card with a balance of $15,700 and an APR of 18.7 percent compounded monthly. You have been making monthly payments of $295 per month, but you have received a substantial raise and will increase your monthly payments to $370 per month. How many months quicker will you be able to pay off the account?

10.79 months

41.39 months

38.01 months

39.91 months

44.34 months