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A new employee charged $7300 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was
A new employee charged $7300 on his credit card to relocate for his first job. After noticing that the interest rate for his balance was 18% compounded monthly, he stopped charging on that account. He wishes to pay off his balance in 2 years using automatic payments sent at the end of each month.
a. What monthly payment must he make to pay off the account at the end of 2 years?
b. How much total interest will he have paid?
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