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Suppose your AMEX card calculates finance charges using an APR of 16.5%. Your statement sows a balance of $800, and your minimum monthly payment is

Suppose your AMEX card calculates finance charges using an APR of 16.5%. Your statement sows a balance of $800, and your minimum monthly payment is 6% of that months balance.

(a) What is your balance after 12 months if you make no more charges and make only the minimum payment? (8)

b) How long will it take to get your balance under $100. (8)

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