Use the following information to solve for FOUR questions BELOW: You used your credit card and owe a balance of $3,500 at 1.5% monthly interest. You will be paying minimum monthly payments of $55 #1. What is the APR and EAR of this credit card interest rate? #2. How many years will it take to pay off the balance? #3. Instead of paying only the minimum payment of $55, you decide to payoff faster. If you decide to pay off in 10 years, what should be your monthly payment be? #4. By paying in 10 years, how much of interest are you saving compared to when you are paying only the minimum amount of $55? #1. APR-12% : EAR - 18.26% 01. APR-18W EAR - 19.56% 1. APR-15 AR-16.56 #2. APPROX. 17 YEARS TO PAY OFF BALANCE 22. APPROX. 14 YEARS TO PAY OFF BALANCE 2. APPROX. 22 YEARS TO PAY OFF BALANCE 13. NEW MONTHLY PMT - $75 #3. NEW MONTHLY PMT - $87 3. NEW MONTHLY PMT - $63 #4. INTEREST SAVINGS OF APPROX. 52980 #4. INTEREST SAVINGS OF APPROX. 53850 64. INTEREST SAVINGS OF APPROX. 54520