A career counselor decides to make monthly payments of $150 on credit card debt of $3,475.58 and discontinue using that credit card. Assuming the monthly interest rate is 1.95%, it will take the counselor approximately 32 months to repay the debt. How many fewer months would it take to repay the debt if the counselor makes monthly payments of $200? (Round your answer to the nearest month.)

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.