You are told on your monthly statement for your credit card that your outstanding balance is $925.03.

Fantastic news! We've Found the answer you've been seeking!

Question:

You are told on your monthly statement for your credit card that your outstanding balance is $925.03. Your annual interest rate that you are charged is 16.25%, paid monthly. How long will it take you to pay off the balance, if you make the minimum monthly payment of $15 per month and make no additional charges on the card?

A. 45 months
B. 16 months
C. 67 months
D. 134 months
E. You will never pay off the balance at this rate of payment and interest rate