Read the short scenario and answer the question that follows. Lisa's credit card balance this month is $969.16. Her APR (annual percentage rate) is 15.24 %. The minimum payment due is $20.00.
If she pays only the minimum each month and does not add any more charges, how long will it take her to pay off the entire balance?
Choose the correct answer below.
A.
about 10 years
B.
about 6 years
C.
about 3 years
D.
about 1 year