You have a credit card with a balance of $12,100 and an APR of 17.5 percent compounded monthly. You have been making monthly payments of $235 per month, but you have received a substantial raise and will increase your monthly payments to $285 per month. How many months quicker will you be able to pay off the account

you will pay off your debt in 32 months less

Explanation:

I prepared two amortization schedules:

if you pay $235, it will take you 99 months to pay off your debt

if you pay $285, it will take you 67 months to pay off your debt

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )