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You have accumulated $7.000 in credit card debt. Your credit card rate is 18% APR compounded monthly and you are charged interest every month on
You have accumulated $7.000 in credit card debt. Your credit card rate is 18% APR compounded monthly and you are charged interest every month on the unpaid balance on your account. How much interest must you pay every month, assuming the balance remains unchanged? I If you pay the $15 minimum, how many months will it take for your balance to reach $10,000 assuming you do not make any additional purchases on the card
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