How long will credit card take to repay the balance

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Reference no: EM13208248

suppose you owe $1,100 on your credit card. the annual percentage rate is 18% compounded monthly. the credit card company says your minimum monthly payment is $ 19.80

a. if you make only this minimum payment, how long will it take for you to repay the $1,100 balance ?
b. If you make the minimum payment plus $10 extra each month, how long will it take to repay the $1,100 balance.

Reference no: EM13208248

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