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Credit card with current balance

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Reference no: EM132030677

You have a credit card with a current balance of $5000.  Your annual percentage rate is 15%.

What is your monthly payment if you want to have a zero balance in 5 years?

If you refinance today for a new card at an APR of 12% and keep the payment the same as in A above, how long will it take to pay off the balance?

Reference no: EM132030677

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