How long will it take you to pay oil the credit card balance

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Reference no: EM132815862

Problem - Suppose your credit card balance is $16,060. The minimum payment is $334, and the annual percentage rate is 18.4%.

a. If you make a constant month payment of $334, how long will it take you to pay oil the credit card balance?

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

Reference no: EM132815862

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