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How long will it take him to pay off his credit card debt

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Question - Right before he lost his job, Aiden decided to purchase a yacht with his credit card. When he could not pay off the card, he incurred $60,000 in credit debt that has an 18% APR, compounded monthly. The minimum monthly payment only requires him to pay the interest on his debt. He debates switching to a credit card with an APR of 10% compounded monthly. If he rolls over his debt onto this card and makes the same monthly payment as before, how long will it take him to pay off his credit card debt?

Reference no: EM132911069

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