TIME REMAINING
33:38
Rachel has developed a plan to start paying off her credit card debt, and has stopped making purchases with her credit card
She has a credit card balance of $1,120.87. Her card has an APR of 14.12%, compounded monthly, and has a minimum
monthly payment of 3.15% of the total balance, which is calculated after the monthly interest. Rachel has decided to pay off
her debt by making identical monthly payments over a period of two years. If she starts this month, how much greater will her
first payment be than the minimum payment required? (Round final answer to the nearest dollar.)
a. $17
b. $14
c. $19
d. $11
Please select the best answer from the choices provided
OA
OB
OC
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