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6. Malcolm took a trip to Jamaica over Thanksgiving break and rang up a $3500 credit bill. The minimum payment on the bill is $150

6. Malcolm took a trip to Jamaica over Thanksgiving break and rang up a $3500 credit bill. The minimum payment on the bill is $150 at 25% APR. a. Identify the Effective Annual Rate (EAR). b. Identify how long it will take to pay off the $3500 if he only makes the monthly payment.

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