Finance charges to credit card company

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Reference no: EM131836395

Eileen, who is currently paying $624624 per year in finance charges to her credit card company, wants a car that costs $12 comma 00012,000. How long would it have taken Eileen to save for the outright purchase of the car if she did not have any credit card debt and used the interest payments to save for the purchase of the? car? Eileen can invest funds in an account paying 77% interest.

Reference no: EM131836395

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