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Suppose your credit card balance is $16,500. The minimum payment is $348, and the annual percentage rate is 19.6%. a. If you make a constant

Suppose your credit card balance is $16,500. The minimum payment is $348, and the annual percentage rate is 19.6%. a. If you make a constant monthly payment of $348, how long will it take you to pay off the credit card balance?

b. How much interest will you pay if you elect to make the minimum payment?

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