Isaac Realizes That He Charged Too Much on His Credit

question 111

Multiple Choice

Isaac realizes that he charged too much on his credit card and has racked up $7,000 in debt. If he can pay $275 each month and the card charges 17.55 percent APR (compounded monthly) , how long will it take him to pay off the credit card? How much interest expense will Isaac pay during this time?

• A) 32.07 months; $8,819.25
• B) 32.07 months; $1,819.25
• C) 22.07 months; $8,819.25
• D) 22.07 months; $1,819.25

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