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You have a credit card with an APR of 24%. The minimum payment is 5% of the outstanding balance (but no less than $20). Suppose

You have a credit card with an APR of 24%. The minimum payment is 5% of the outstanding balance (but no less than $20). Suppose you have $2000 on the card and you decide to stop charging and pay it off using the minimum payment each month. Use Excel to create a table like you did in #8. Now bring this down to determine when the card is paid off what is the total amount you paid in interest?

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