Joey Realizes That He Has Charged Too Much on His

Multiple Choice

Joey realizes that he has charged too much on his credit card and has racked up $4,000 in debt. If he can pay $200 each month and the card charges 20 percent APR (compounded monthly) , how long will it take him to pay off the debt?

A) 17.40 months
B) 20.00 months
C) 24.04 months
D) 24.53 months