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How long will it take you to fully pay off the credit card

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Reference no: EM132822402

Problem - You just received your first credit card and decided to purchase a new Apple iPad. You charged the iPad's $500 purchase price on your new credit card. Assume that the nominal interest rate on the credit card is 18% and that interest is compounded monthly. The minimum payment on the credit card is only $10 a month. If you pay the minimum and make no other charges, how long will it take you to fully pay off the credit card?

Reference no: EM132822402

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