Meredith just took out a loan for $750 at a 9.6% APR, compounded monthly, to buy a new timing belt for her car. She has agreed to make monthly payments of $19.50 to pay off the loan. If she changes her monthly payment to $48, how much faster will she be able to pay off the loan?
1) 64 months faster
2) 17 months faster
3) 30 months faster
4) 47 months faster