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Calculating loan period

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You charged $1,000 on your credit card for Christmas presents. Your credit card firm charges you 16 percent yearly interest, compounded monthly. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance?

a.111 months
b.58 months
c.46 months
d.40 months

 

Reference no: EM1370447

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