Question

Ashley has a balance of $4,000 on her credit card with an annual interest rate of 13%. To pay off the $4,000 in three years, Ashley will have to make a minimum payment of $134.78 per month. To pay off the $4,000 in five years, Ashley will have to make a minimum payment of $91.01 per month.
How much more interest will Ashley pay when the length of the loan changes from 3 years to 5 years?

A) $488.20

B) $608.52

C) $1,671.90

D) $5,460.60

Answer 1

The answer is going to be B $608.52