Recently, you made multiple large purchases on your credit card totaling $16,575. The interest rate on your credit card is 17.4% per year, compounded monthly, and your statement says your minimum payment is $395 per month. will need make to pay off your а. How many minimum payments you to purchases, assuming you cut up your credit card and do not make any additional purchases? You will need minimum payments. b. How much total interest will you pay by making the minimum monthly рayment? Total interest $

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A: Given: Present value = 1,000 Interest rate = 7% Periods = 25 weeks

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A: Dear student, we need to use NPER and FV formulas in excel to solved this problem.

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Q: how much more will that amount be

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A: Hi! Thank you for the question, As per the Honor Code, we are allowed to answer one question in case…

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A: The question gives the following information:

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Q: !

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Q: If you are trying to build credit by using a credit card, each time you make a purchase with the…

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