You owe $1000 on your credit card. The APR is 24%, compounded monthly. The credit card company indicates that your minimum payment is $22.44.
a) If you make only the minimum mouthy payment, how long will it take for you to repay the $1000 balance (assuming no more charges on the card are mad)?
b) If you make a payment of $30.45 each month, how long will it take to repay the $1000 balance?
c) Compare the total interest paid in part (a) with the total interest in part (b)