Take to amortize the balance to zero

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Reference no: EM131998294

You have a credit card that requires monthly payments. If you owe 2400 on this credit card with an annual interest rate of 12.25% and you decided to pay it off over the next 3 years by making equal montlhy payments. How much interest are you going to pay over the time it take to amoritize the balance to zero? (You make the payments as planned and don't borrow any more money).

Reference no: EM131998294

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