Recently, you made multiple large purchases on your credit card totaling $17,600. The interest rate on your credit card is 15.3% per year, compounded monthly, and your statement says your minimum payment is $280 per month. What is the total amount of interest you will pay if you only make the minimum payments?
1) $10,000
2) $12,000
3) $14,000
4) $16,000
