Michael Has Credit Card Debt of $60 000 That Has

question 52

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)84 months
• C)98 months
• D)78 months

---

Definitions:

Thyroid

An organ located in the neck that secretes hormones responsible for controlling growth and metabolic processes.

Salt-Water Balance

The regulation of the balance between salt and water levels in an organism, crucial for maintaining homeostasis.

Endocrine Gland

A gland that releases hormones directly into the bloodstream to regulate various body functions, including growth, metabolism, and mood.

Adrenal Cortex

The outer region of the adrenal glands that produces steroid hormones which regulate metabolism and immune response.