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Rachel recently received a credit card with a 20% nominal interest rate. With the card, she purchased a new smart phone for $822.75. The minimum
Rachel recently received a credit card with a 20% nominal interest rate. With the card, she purchased a new smart phone for $822.75. The minimum payment on the card is only $20 per month. However, she decides to make monthly payments of $50 instead. How much less does she pay by making $50 payments instead of $20 payments? Do not round intermediate
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