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You charged $1,500 on your credit card for Christmas presents. Your credit card company charges...

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Question

Finance

You charged $1,500 on your credit card for Christmas presents. Your credit card company charges you 24.99% annual interest, compounded monthly. If you make the minimum payments of $50 per month, how long (in years) will it take to pay off your balance?

1) 2.50 years

2) 3.96 years

3) 4.39 years

4) 5.28 years

Answer & Explanation Solved by verified expert
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