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Suppose your credit card balance is ?$15,500

Finance

Suppose your credit card balance is ?$15,500. The minimum payment is ?$353?, and the annual percentage rate is 19.3?%.

a.  If you make a constant monthly payment of ?$353?, how long will it take you to pay off the credit card? balance?

b.  How much interest will you pay if you elect to make the minimum? payment?

Option 1

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