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You find yourself with $30,000 in credit card debt. If your minimum payment is $500 and the credit card company charges 18% per year, how
You find yourself with $30,000 in credit card debt. If your minimum payment is $500 and the credit card company charges 18% per year, how long until the credit card is paid off? (Assume you stop using the card.)
(Hint: the future value will be 0, and remember the sign convention - which way is the cash flow going.)
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