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You are told on your monthly statement for your credit card that your outstanding balance is $925.03. Your annual interest rate that you are charged

You are told on your monthly statement for your credit card that your outstanding balance is $925.03. Your annual interest rate that you are charged is 16.25%, paid monthly. How long will it take you to pay off the balance, if you make the minimum monthly payment of $15 per month and make no additional charges on the card?

A. 45 months
B. 16 months
C. 67 months
D. 134 months
E. You will never pay off the balance at this rate of payment and interest rate

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Given Outstanding balance PV 92503 The interest rate charged annually r 1625 Minimum monthly payment ... blur-text-image

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