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Suppose your credit card balance is $16,500. The minimum payment is $311, and the annual percentage rate is 18.5%. a.If you make a constant monthly

Suppose your credit card balance is $16,500. The minimum payment is $311, and the annual percentage rate is 18.5%.

a.If you make a constant monthly payment of $311, 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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