How many months will it take to pay off outstanding balance

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Cameron has a credit card with an outstanding balance of $20,927. The credit card company charges an APR (annual percentage rate) of 20.8% compounded montly. The minimum payment is $606 per month. If Cameron makes no new charges on the credit card while making only the mininum monthly payment.

How many months will it take to pay off the outstanding balance?

Reference no: EM13288329

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