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Dennis Rodman has a $5,500 debt balance on his Visa card that charges an APR of 12.5 percent compounded monthly. Dennis's current minimum monthly payment
Dennis Rodman has a $5,500 debt balance on his Visa card that charges an APR of 12.5 percent compounded monthly. Dennis's current minimum monthly payment is 4 percent of his debt balance, $ 220. How many months (round up) will it take Dennis to pay off his credit card if he pays the current miminum payment of $ 220 at the end of each month?
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