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Question 2 The typical American household owes approximately $15,000 in credit card debt. Assume you owe this amount and today is the end of the
Question 2 The typical American household owes approximately $15,000 in credit card debt. Assume you owe this amount and today is the end of the billing cycle for your credit card. You vow not to put another charge on your credit card until this debt is paid off. Your credit card has an APR of 18% and payments are calculated as 2% of outstanding balance or $15, whichever is greater. Using two (2) decimal places for dollar amounts, determine: a) How many years will it take to pay the entire amount assuming you only make the minimum payments? b) At what month does the payment hit the $15 minimum? c) What is the total amount paid? d) What is the total amount of interest paid
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