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If you pay the minimum payment per month of $49.25 on your credit card, you will pay it off after making 98 payments. If you pay $10 more per month, you willl pay it off 33 months sooner. How much total interest will you save?

If you pay the minimum payment per month of $49.25 on your credit card, you will pay it off after making 98 payments. If you pay $10 more per month, you willl pay it off 33 months sooner. How much total interest will you save?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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If you pay the minimum payment per month of $49.25 on your credit card, you will pay it off after making 98 payments. If you pay $10 more per month, you will pay it off 33 months sooner. How much total interest will you save?
Transcribed Image Text:If you pay the minimum payment per month of $49.25 on your credit card, you will pay it off after making 98 payments. If you pay $10 more per month, you will pay it off 33 months sooner. How much total interest will you save?
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