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Your credit card charges an interest rate of 2.03% per month. You have a current balance of $1,240, and want to pay it off. Suppose

Your credit card charges an interest rate of

2.03%

per month. You have a current balance of

$1,240,

and want to pay it off. Suppose you can afford to pay

$115

per month. What will your balance be at the end of one year?

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