What is the dollar amount paid in interest

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Given: account balance = $5,000; account APR = 17%

If the minimum payment is 4% of the outstanding balance, how many months will it take to pay off the entire balance if only the minimum payment is made each month, ceteris paribus?

What is the dollar amount paid in interest if the minimum payment is made each month to pay off the entire balance, ceteris paribus?

Reference no: EM133067660

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