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Posted on Jul 22, 2024

You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment

You ran a little short on your spring break vacation, so you put $1,000 on your credit card. You can afford only the minimum payment of $20 per month. The interest rate on the credit card is 1.5 percent per month. How long will you need to pay off the $1,000?

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