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22-11-2019
Mathematics

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Your credit card has a balance of $5200 and an annual interest rate of 12%. You decide to pay off the balance over five years. If there are no further purchases charged to the card, a. How much must you pay each month? b. How much total interest will you pay over 5 years?

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Ifychyibe Ifychyibe

23-11-2019

Answer:

Step-by-step explanation:

Total amount = $5200

Annual interest rate=12%of $5200=

$624

Each month payment=$624/12=$52

Total interest over 5 years =$624×5=$3120

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