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Suppose a credit card was used to make a $ 1 2 , 7 2 0 purchase at 1 5 . 5 % interest with
Suppose a credit card was used to make a $ purchase at interest with a monthly payment of $ Complete the following.
a Calculate the time it will take to pay off the debt making only the given payment each month.
b Calculate the total interest paid.
c Find the amount of money saved over the lifetime of the debt if twice the amount of the given monthly payment is paid each month.
a If only the given payment is made each month, it will take payments to pay off the debt.
Round up to the nearest integer as needed.
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