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Discussion Post: Financial Literacy
Mark has a credit card with a $5,000 balance. His interest rate is 19%, and the credit card company requires a minimum monthly payment of $100 per month.
This interest calculator will show how much total interest Mark will pay.
Write a short paper (300 to 500 words) that answers the following questions:
Question 1. How long will it take for Mark get his balance to $0? (Use the interest calculator linked above.)Question 2. What strategies should Mark use to pay off the card sooner?
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