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:

Cognitive Skills

Mental abilities that include reasoning, problem solving, memory, perception, and processing information to understand and interact with the world.

Propositions

Expressions or claims that convey a decision or viewpoint.

Categorical Syllogism

A form of deductive reasoning consisting of three parts: a major premise, a minor premise, and a conclusion, each of which may be an assertion or a denial.

Major Term

In syllogistic logic, the predicate of the conclusion, which appears in one of the premises.