You have a credit card with a balance of $14,500 and an APR of 18.3 percent compounded monthly. You have been making monthly payments of $275 per month, but you have received a substantial raise and will increase your monthly payments to $350 per month. How many months quicker will you be able to pay off the account?

Answer rating: 100% (QA)

the number of months it would take to pay off the balance with the initial monthly payment of 275 We ... View the full answer