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You have a balance on your credit card that you are working to pay down. The card has an APR of 24% with a $75
You have a balance on your credit card that you are working to pay down. The card has an APR of 24% with a $75 minimum payment amount with a current balance of $482.65. Compare the interest rate that you would incur if your next payment was received on the 8th day of the month versus your payment being received on the 29th day of the month. Show your calculations: a. Interest incurred if the minimum payment is received on the 8th day of the month: b. Interest incurred if the minimum payment is received on the 29th day of the month
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