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

question 80

Multiple Choice

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?

• A)72 months
• B)78 months
• C)84 months
• D)98 months

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Definitions:

Abkhazians

An ethnic group primarily living in Abkhazia, a region in Northwestern Georgia, with their own distinct language and culture.

Unequal Distribution

The uneven allocation of resources, wealth, or opportunities among different groups in society, often leading to disparity.

Prestige

The respect and admiration that an organization or individual gains as a result of their achievements or quality.

Satisfying Life

A concept often related to personal fulfillment, happiness, and contentment in various aspects of life, including relationships, career, and health.