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How long would take to pay off the balance

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Reference no: EM132913831

The couple's credit card charges an annual percentage rate (APR) of 18%, compounded daily, and requires a 5% minimum payment.

Problem (i) How long would it take them to pay off their $2,000 balance if they shelve their cards, never use them again, and continue with the ($2,000 x 0.05) = $100 minimum monthly payment required now?

Problem (ii) How much total interest would they have paid?

Reference no: EM132913831

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