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Suppose we have a card with an APR of 3 0 % . The minimum payment is 8 % of the balance. Suppose we have

Suppose we have a card with an APR of 30%. The minimum payment is 8% of the balance. Suppose we have a balance of $400 on the credit card. We decide to stop charging and to pay it off by making the minimum payment each month.
Calculate the new balance after the first minimum payment is made.
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Calculate the minimum payment that is due the next month.

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