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Problem 6 The annual percentage rate (APR) on your credit card is 22.98% and your...

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Problem 6 The annual percentage rate (APR) on your credit card is 22.98% and your bank uses monthly compounding. During the first week of school, you racked up $2,000 in credit card debt. You do not have access to a cheaper source of financing, and you definitely do not want to tell your parents, so you decided that you will pay it all back in $100 equal-monthly installments. Your first payment is due one month from today. How long will it take you to bring your credit card balance to zero? Problem 6) How long will it take you to bring your credit card balance to zero? Select one: 12.5 months cross out 20.0 months cross out 12.7 months cross out 50.9 months cross out 22,4 months cross out 25.5 months cross out 76.6 months cross out Will never be paid back cross out

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