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Find how many fewer months would take to repay the debt

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Reference no: EM132933695

Problem 1: A career counselor decides to make monthly payments of $150 on credit card debt of $3,510.55 and discontinue using that credit card. Assuming the monthly interest rate is 1.75%, it will take the counselor approximately 31 months to repay the debt. How many fewer months would it take to repay the debt if the counselor makes monthly payments of $200? (Round your answer to the nearest month.)

Reference no: EM132933695

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