You have a credit card with a balance of $11,800 and an APR of 17.4 percent compounded monthly. You have been making monthly payments of $230 per month, but you have received a substantial raise and will increase your monthly payments to $280 per month. How many months quicker will you be able to pay off the account? Multiple Choice 27.09 months 9.16 months 24.88 months 26.12 months 29.03 months

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A: Please refer to the image below

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