How long will it take you to pay off credit card balance

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Reference no: EM131575905

Suppose your credit card balance is $15 comma 00015,000. The minimum payment is $328328 and the annual percentage rate is 18.718.7%.

a. If you make a constant monthly payment of $328328, how long will it take you to pay off the credit card balance?

b. How much interest will you pay if you elect to make the minimum payment?

Reference no: EM131575905

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