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The annual interest rate on a credit card is 17.99%. If a payment of $300.00 is...

The annual interest rate on a credit card is 17.99%. If a payment of $300.00 is made each month, how many months will it take to pay off an unpaid balance of $2,485.87? Assume that no new purchases are made with the credit card.

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Answer #1

- Loan amount or unpaid balance on loan = $2485.87

Monthly Payment of Credit card = $300

Calculating the Number of months it will take to payoff the loan:-

So, Number of Months it will take to payoff the loan = 8.91

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