Number of Annuity Payments Phoebe Realizes That She Has Charged

question 33

Multiple Choice

Number of Annuity Payments Phoebe realizes that she has charged too much on her credit card and has racked up $7,000 in debt.If she can pay $200 each month and the card charges 17 percent APR (compounded monthly) ,how long will it take her to pay off the debt?

• A)28.63 months
• B)35.00 months
• C)47.71 months
• D)48.68 months

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Definitions:

Resilient

Characterized by the ability to recover quickly from difficulties or setbacks.

Major Depressive Disorder

A mental disorder characterized by a minimum two-week period of low mood that is present across most situations, often accompanied by low self-esteem, loss of interest in normally enjoyable activities, low energy, and pain without a clear cause.

Delusions

Strongly held false beliefs or opinions, despite being contradicted by reality or rational argument, typically due to mental illness.

Fatigue

A state of physical or mental weariness resulting from exertion, which can diminish capacity for work and efficiency of function.