Make any payments of principal over one year

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Reference no: EM13976320

You have an outstanding balance of $1,000 on your credit card. The bank that issued your credit card will charge you 20% annual interest rate on your outstanding credit card balance. Interest is compounded daily. IF you do not make any payments of principal over one year, your credit card balance will grow by 20% to $1,200.

Reference no: EM13976320

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