Simon recently received a credit card

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Reference no: EM131495402

Simon recently received a credit card with an 14% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $400. The minimum payment on the card is only $10 per month. How much more in total payments will Simon make under the $10-a-month plan than under the $30-a-month plan. Do not round intermediate calculations. Round your answer to the nearest cent.

Reference no: EM131495402

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