Sarah has a credit card balance of $9,450 with an apr of 17%. with her current budgeted payment, sarah will be able to pay off this debt in 36 months. but sarah's best friend just invited her to spend two months in europe with her in 9 months. wanting to have her credit card balance paid off before she goes to europe, sarah decides to take on a second job. what additional monthly income will sarah need in order to pay off her credit card in 9 months?

a. $336.92
b. $467.23
c. $788.85
d. $1125.77

so correct option is c. $788.85

Explanation:

given data

credit card balance = $9,450

APR = 17%

payoff debt time = 36 months = = 3 years

spend Europe = 9 months= = 0.75 years

to find out

What additional monthly income will Sarah need in order to pay off her credit card in 9 month

solution

first we get here Annual interest rate that is

Annual interest rate = $9,450 × 17%

Annual interest rate = $1,606.5

and  Interest rate for 3 years and 0.75 year is

Interest rate for 3 years = $1,606.5 × 3 years

Interest rate for 3 years =  $4,819.5

Interest rate for 0.75 years = $1,606.5 × 0.75 years

Interest rate for 0.75 years = $1,204.875

and

Total credit for 3 year and 0.75 year is

Total credit for 3 year = $9,450 + $4,819.50

Total credit for 3 year= $14,269.50

Total credit for 0.75 year = $9,450 + $1,204.875

Total credit for 0.75 year = $10,654.875

and

Monthly payment for 3 year =

Monthly payment for 3 year = $396.375

Monthly payment for 9 months =

Monthly payment for 9 months = $1,183.875

so  that Additional Monthly income that Sarah needs is  

Additional Monthly income Sarah needs = $ 1,183.875 - $396.375

Additional Monthly income Sarah needs = $787.50

so correct option is c. $788.85

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explanation:

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