You recently received the monthly statement for your Discover credit card showing a balance of $3,541.11 for purchases last month. The balance carries an Annual Percentage Rate (APR) of 17.49%, compounded daily. The statement also shows that the minimum monthly payment is just $40.

a. If you were to pay only the minimum payment, how many months would it take to pay off this balance, assuming that you make no other credit card purchases? Round your answer to the nearest whole month.

b. How much total interest would you pay if you continue to make the minimum payments until the balance is completely paid off?

c. Assume that you dont like paying that much interest (especially at the rate charged by the credit card company). Suppose that instead of making the minimum monthly payment above, you feel that you can afford to pay more each month until the balance is paid off. How many months would it take to pay off the balance if you made monthly payments of $101?

d. How much total interest would you pay on this balance if you make these larger monthly payments until the balance is completely paid off?

e. How large would your monthly payments be if you wish to pay this balance off in just twelve months?