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Credit card company amortizes the debt

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Many consumers carry a balance each month on their credit cards and make minimal payments toward their debt. Joe makes monthly (end-of-month) payments of $251.22 on his credit card and is being charged 23.77%, compounded daily interest. How much credit card debt does Joe have today? Suppose the credit card company amortizes the debt over 6 years.

Reference no: EM133053964

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