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Problem 1 Assume you have a credit card that has an interest rate of 24% APR, compounded monthly. Assume you have a credit balance of

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Problem 1 Assume you have a credit card that has an interest rate of 24% APR, compounded monthly. Assume you have a credit balance of $5,000. What would your monthly payment need to be to pay off the balance in 3 years? (10 points)

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