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You decide to use your department store charge card .. a lot! After seven weeks you have racked up $1,700 of debt. Your minimum monthly
You decide to use your department store charge card .. a lot! After seven weeks you have racked up $1,700 of debt. Your minimum monthly payment is $63, and is paid at the end of each month. If the APR is 12.80%, how long will it take you to pay the loan off? (Assume that you make the minimum payment until the debt is entirely paid off.)
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