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Assume a credit card balance of $16,000 that carries a 22% annual interest rate. The minimum required monthly payment is 4% of the outstanding balance

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Assume a credit card balance of $16,000 that carries a 22% annual interest rate. The minimum required monthly payment is 4% of the outstanding balance or $30, whichever is greatest. Assume a credit card balance of $16,000 that carries a 22% annual interest rate. The minimum required monthly payment is 4% of the outstanding balance or $30, whichever is greatest

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