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Carrying a balance on a credit card is very rarely a good idea. Paying the minimum amount is even worse. Lets return to our original
Carrying a balance on a credit card is very rarely a good idea. Paying the minimum amount is even worse. Lets return to our original credit card (24% monthly compounded, $10000 balance) and assume you pay $250 a month towards it. How long until the balance is paid off? How much nominal interest did you pay?
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