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Question A2 Simon recently received a credit card with an 15% nominal interest rate. With the...

Question A2 Simon recently received a credit card with an 15% nominal interest rate. With the card, he purchased a new notebook for $9,888. The minimum payment on his credit card is only $200 per month.

If Simon makes the minimum monthly payment and makes no other charges, advice Simon the number of months it will be for him to pay off the credit card balance.

Round to the nearest month. (Total 6 marks)

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