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Find how long will take to pay off the credit card balance

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Reference no: EM132603612

Suppose your credit card balance is $16,000. The minimum payment is $349, and the annual percentage rate is 20.6%.

Question a. If you make a constant monthly payment of $349, how long will it take you to pay off the credit card balance?

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

Reference no: EM132603612

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