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What balance do begin making payment of dollar forty or less

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Assume that you have a balance of $2000 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2.5% of the balance.

Problem 1: On what balance do you begin making payments of $40 or less?

Reference no: EM132902859

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