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You have a credit card with an APR of 21%. The terms of your agreement say that your minimum payment is 3% of your balance
You have a credit card with an APR of 21%. The terms of your agreement say that your minimum payment is 3% of your balance or $25, Whichever is greater." You buy a computer for $375. If you make only minimum monthly payments, it will take you 18 months to pay off your debt. You will have paid back a total of $438.84. How much will you have paid in interest charges?
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To calculate the interest charges paid we need to determine the total amount paid back and subtract ...
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Accounting Principles Part 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
6th Canadian edition Volume 1
1118306791, 978-1118306796
