Minimum payment on the card

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Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Apple iPhone 6 for $372.71. The minimum payment on the card is only $10 per month.

(1) If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Round to the nearest month. Show your work (explain how you calculated the required value).

Reference no: EM132376833

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