Calculating minimum payment. You have a credit card with an APR of 36%. The minimum...
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Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $800. You decide to stop charging and make only the minimum payment. Calculate the minimum payment for the first and second payments. (Be sure to take into account the finance charges. Round your answers to the nearest cent.)
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