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Michael Has Credit Card Debt of $60,000 That Has an 18

question 80

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Michael has credit card debt of $60,000 that has an 18% APR,compounded monthly.The minimum monthly payment only requires him to pay the interest on his debt.He receives an offer for a credit card with an APR of 10% compounded monthly.If he rolls over his debt onto this card and makes the same monthly payment as before,how long will it take him to pay off his credit card debt?


Definitions:

Naked Eye

Refers to the observation of objects without the use of magnification instruments.

Lens Paper

A soft, lint-free paper used for cleaning the lenses of optical instruments without scratching them.

Lens Cleaner

A solution or substance specifically designed for cleaning the optical surfaces of lenses to remove dirt, dust, and fingerprints.

Disinfectant

A chemical agent used to destroy or inhibit the growth of harmful organisms on surfaces or objects.

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