1. With only a part-time job and the need for a professional wardrobe, Rachel quickly maxed out her credit card the summer after graduation. With her first full-time paycheck in August, she vowed to pay $210 each month toward paying down her $7,424 outstanding balance and not to use the card. The card has an annual interest rate of 24 percent. How long will it take Rachel to pay for her wardrove? Should she shop for a new card? Why or why not?
If Rachel continues to pay $210 per month, it will take her 62 months to pay for her wardrobe. Answer is 62 how did we get 62?
