You have just arrived back from a school break. One of your classmates tells you that he had a great time over the break. But he is concerned about the $2,000 credit card bill he run up because he cannot afford to pay off the complete balance when it is due. He can only afford to pay $50, a month. If the effective annual interest rate on the card is 19.7% percent annually, how long will it take him to pay off the debt?

A.Approximately 62 months

B.Approximately 40 months

C. Approximately 22 months.

D. insufcient information