Alex found an old credit card statement that was sent to him before the enactment of the Credit CARD Act. He had no previous balance but charged $4,000 that month. His credit card account has a monthly percentage rate of 1.5%. He made no additional purchases during that billing cycle. A minimum of $20 was required as a monthly payment. How long would it have taken Alex to pay down his debt if he continued to only pay the minimum amount without making any other credit card purchases?

Alex found an old credit card statement that was sent to him before the enactment of the Credit CARD Act He had no previous balance but charged 4000 that month class=