Billy has a credit card with a current balance of $3,500 and a 16% APR. With his current monthly payment, he wil be able to pay off this debt in 15 months. But Bily just learned that he is getting a raise at work. If he puts all of the extra income from
his raise into his monthly credit card payment, how much additional monthly income would he require from his raise to pay off
the credit card in 12 months?
a. $58.57
b
C. $258.99
d
$171.37
$317.56