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Due to Poor Spending Habits, Ricky Has Accumulated $10,000 in Credit

Question 37

Multiple Choice

Due to poor spending habits, Ricky has accumulated $10,000 in credit card debt. He has missed several payments and now the annual interest rate on the card is 18.95 percent! If he pays $175 per month on the card, how long will it take Ricky to pay off the card?


A) 121.5 months
B) 148.50 months
C) 162.5 months
D) Ricky never pays off the card.

Correct Answer:

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