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Your credit card has a balance of ?$4200 and an annual interest rate of 12?%. You decide to pay off the balance over five years.
Your credit card has a balance of ?$4200 and an annual interest rate of 12?%. You decide to pay off the balance over five years. If there are no further purchases charged to the ?card,
a. How much must you pay each? month?
___ The monthly payments are approximately
(Do not round until the final answer. Then round to the nearest dollar as? needed.)
b. How much total interest will you? pay?
___ The total interest paid over 5 years is approximately
?(Use the answer from part a to find this answer. Round to the nearest dollar as? needed.)
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