4. Dave is excited that he only has 16 months left before he pays off his credit card completely. His

current balance is $3,750 and his APR is 18.9%. But when he is involved in a car accident, he is

forced to use his credit card to pay a $1,000 deductible to get his car fixed. How much will

Dave’s minimum monthly payment increase if he still wants to pay off his credit card in 16

months? *

(5 Points)

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