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Make the minimum? payment

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

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

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

Reference no: EM132603189

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