You charged $1,000 on your credit card for Christmas presents. Your cr
You charged $1,000 on your credit card for Christmas presents. Your credit card company charges
you 26% annual interest, compounded monthly.
If you make the minimum payments of $25 per
month, how long will it take (to the nearest month) to pay off your balance?
A) 54 months B) 40 months C) 94 months D) 79 months
ANSWER
C
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