You have just returned from a wonderful sales convention in Williamsburg. During your travels, you...
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Finance
You have just returned from a wonderful sales convention in Williamsburg. During your travels, you ran up an $5,000 bill on your credit card, which has an annual interest rate of 12%, compounded monthly. If you make no further charges on your credit card and make the monthly minimum payment of $100, how long will it be before you pay off the credit card balance?
| 50 months |
| 70 months |
| 84 months |
| 100 months |
| 164 months |
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