2 Horace has a credit card with a balance of $12,000 The annual interest rate is 18 The terms of the credit state that a minimum payment of 3 of the outstanding balance must be paid each month, but no less than $35 00 must be paid each month Horace plans to stop using the credit card and pay off the balance according to the terms of the credit a How many years will it take to pay off the balance, assuming Horace only pays the minimum required payment b How long will it take to pay off the balance if Horace pays an extra $50,00 per month c How much in addition to the required minimum payments must Horace pay each month if he wishes to pay off the balance in 5 years 2 Horace has a credit card with a balance of $12,000 The annual interest rate is 18 The terms of the credit state that a minimum payment of 3 of the outstanding balance must be paid each month, but no less than $35 00 must be paid each month Horace plans to stop using the credit card and pay off the balance according to the terms of the credit a How many years will it take to pay off the balance, assuming Horace only pays the minimum required payment b How long will it take to pay off the balance if Horace pays an extra $50,00 per month c How much in addition to the required minimum payments must Horace pay each month if he wishes to pay off the balance in 5 years

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2  Horace has a credit card with a balance of $12,000  The annual interest rate is 18   The terms of the credit state that a minimum payment of 3  of the outstanding balance must be paid each month, but no less than $35 00 must be paid each month  Horace plans to stop using the credit card and pay off the balance according to the terms of the credit  a  How many years will it take to pay off the balance, assuming Horace only pays the minimum required payment  b  How long will it take to pay off the balance if Horace pays an extra $50,00 per month  c  How much in addition to the required minimum payments must Horace pay each month if he wishes to pay off the balance in 5 years  2  Horace has a credit card with a balance of $12,000  The annual interest rate is 18   The terms of the credit state that a minimum payment of 3  of the outstanding balance must be paid each month, but no less than $35 00 must be paid each month  Horace plans to stop using the credit card and pay off the balance according to the terms of the credit  a  How many years will it take to pay off the balance, assuming Horace only pays the minimum required payment  b  How long will it take to pay off the balance if Horace pays an extra $50,00 per month  c  How much in addition to the required minimum payments must Horace pay each month if he wishes to pay off the balance in 5 years

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2. Horace has a credit card with a balance of $12,000. The annual interest rate is 18%. The terms of the credit state that a

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