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Alice has a balance of $16,000 on her credit card. The card carries a 22.00% annual rate of interest. The bank requires a minimum payment

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Alice has a balance of $16,000 on her credit card. The card carries a 22.00% annual rate of interest. The bank requires a minimum payment of 4.00% of the outstanding balance, but no less than $40.00 each month. How many months will it take for Alice to pay off her balance assuming she makes only the minimum required payment? A

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