Don't use Ai.Answer in step by step with explanation. m payment on the card is only $20 per month.a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Do not round intermediate calculations. Round youranswer to the nearest whole number.month(s)b. If Simon makes monthly payments of $65, how many months will it be before he pays off the debt? Do not round intermediate calculations. Round your answer to the nearest whole numbmonth(s)c. How much more in total payments will Simon make under the $20-a-month plan than under the $65-a-month plan? Do not round intermediate calculations. Round your answer to thenearest cent.

Step 1:part a):a) Minimum payment of $20 per month:Monthly interest = 1% of the balanceEach month:…

Answered: m payment on the card is only $20 per…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 7FPE

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