You owe $18,500 on your credit card with a 15.9% interest rate. 1. How long will it take you to repay the card if you make a payment of $250 per month? How much interest would you have paid when you get the card paid off? Recalculate how long it would take to pay off the card if you increase your payments to $300 per month. How much interest would you save by making the higher payment.