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Simon recently received a credit card with an 1 8 % nominal interest rate. With the card, he purchases an Apple iPhone 5 for $

Simon recently received a credit card with an

18 %

nominal interest rate. With the card, he purchases an Apple iPhone

5

for $

799 .

The minimum payment on the card is only $

20

per month. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? explain each step

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