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Simon recently received a credit card with an 16% nominal interest rate. With the card, he purchased an iPhone 11 Pro for $999. The minimum
Simon recently received a credit card with an 16% nominal interest rate. With the card, he purchased an iPhone 11 Pro for $999. The minimum payment on the card is only $45 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? Round to the nearest month (ex. 12).
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