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

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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