Michael Has a Credit Card Debt of $60,000 That Has

question 104

Multiple Choice

Michael has a credit card debt of $60,000 that has a 10% 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 9% 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) 298 months
• B) 299 months
• C) 306 months
• D) 308 months

---

Definitions:

Mass Media

Various forms of communication, including newspapers, television, and the internet, that reach large audiences simultaneously.

Politicians

People engaged in political activities, particularly those in pursuit of or currently holding governmental positions.

Social Conscience Groups

Organizations or collectives that focus on social issues, aiming to raise awareness, influence public opinion, and instigate social change.

Political Support

Backing or endorsement for political causes, parties, or candidates, often manifesting through votes, donations, or public advocacy.