Garnett was amazed to hear that his friend Lindsey always pays off her credit card at the end of each month. Garnett just assumed that everyone used credit cards the same way — buy now, pay later. Garnett buys almost everything he needs or wants, including clothes, food, and entertainment, with his credit card. When Lindsey asked him about the APR for his credit card, Garnett did not have a clue. He also did not know the length of the grace period or how his minimum monthly payment was calculated. When Lindsey asked about this, Garnett replied that it did not really matter because he never paid off his balance like she did. Garnett reasoned that his credit card made purchases easier by allowing him to buy expensive items that he could otherwise not afford; thereby allowing him to only have to make minimum monthly payments. Overall, Garnett thinks that he is a responsible credit card user, but he admits that over the past two or three years he has been late making a few monthly payments and, once or twice, has gone over his limit. He also uses his card regularly to obtain cash advances. After hearing all of this, Lindsey is worried about her friend. She has come to you for help in answering the following questions. How long will it take Garnett to pay off the outstanding $5000 balance on his credit card if he makes the minimum monthly payment of $150? His APR is 19 percent compounded daily. What is the total amount of his payments? How much interest will he have paid? Is Garnett correct in thinking that one advantage of using credit is that it allows him to purchase expensive things today and pay for them tomorrow? If you agree, what is the opposite side of the argument?