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How long will take to pay off balance

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Reference no: EM132910570

Problem 1: You charged $1,000 on your credit card for Christmas presents. Your credit card company charges you 21.99% annual interest, compounded monthly. If you make the minimum payments of $25 per month, how long will it take ( to the nearest month) to pay off your balance?

Option 1: 79 months
Option 2: 73 months
Option 3: 94 months
Option 4: 30 months

Reference no: EM132910570

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