You just won the grand prize in a national writing contest! As your prize, you will receive $1,500 a month for 12 years. If you can earn 6.0 percent on your money, what is this prize worth to you today?

Group of answer choices

$153,712.11

$155,839.62

$150,909.19

$149,530.71

Today, you borrowed $12,200 on your credit card to purchase some furniture. The interest rate is 16.8 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $190?

Group of answer choices

15.2 years

14.5 years

16.9 years

13.7 years