10. Before you got your job, your parents co-signed on a credit card for you. You took a vacation, bought clothes for your new job, and bought a new computer. You now owe $1,800 and are making monthly...

Extracted text: 10. Before you got your job, your parents co-signed on a credit card for you. You took a vacation, bought clothes for your new job, and bought a new computer. You now owe $1,800 and are making monthly minimum payments of $50. How long will it take you to pay off the balance if you continue to make the minimum payments (the interest rate is 19.99%) and you don't make any more purchases? How long will it take if you make $100 monthly payments? (HINT: Use a credit card calculator like http://www.bankrate.com/calculators/credit- cards/credit-card-payoff-calculator.aspx# to find your answer.'