suppose you owe $1,100 on your credit card. the annual percentage rate is 18% compounded monthly. the credit card company says your minimum monthly payment is $ 19.80
a. if you make only this minimum payment, how long will it take for you to repay the $1,100 balance ?
b. If you make the minimum payment plus $10 extra each month, how long will it take to repay the $1,100 balance.