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If you have a credit card with a balance of $1,700, an APR of 16.9%, a minimum payment that is 6% of the balance, and
If you have a credit card with a balance of $1,700, an APR of 16.9%, a minimum payment that is 6% of the balance, and you stop making purchases on the card if you pay just the monthly payment each month, what is the balance after 3 years? Using the same information, how many minimum payments would you need to make before your balance fell under $100?
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