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If you owe $1,000 on a credit card with 12% interest (monthly compounding) and make payments of $50/ month, how many months will it take

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If you owe $1,000 on a credit card with 12% interest (monthly compounding) and make payments of $50/ month, how many months will it take you to pay it off? 22.4 months 20.0 months 23.6 months 24.6 months Question 50 2 pts If you owe $1,000 on a credit card with 12% interest (monthly compounding) and make payments of $50/ month, what is the effective interest rate? 12.996 124 12.7% 120x

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