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April 18, 2014

Homework Help: finanance

Posted by ananoumous on Sunday, March 14, 2010 at 6:32pm.

2. You charged $ 1,000 on your credit card for Christmas presents. Your credit card company charges you 16 % annual interest, compounded monthly. If you make the minimum payments of $25 per month, how long will it take [to the nearest month] top pay off your balance?

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