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Assume You Have a Credit Card with the Balance of $1000,and

Question 50

Multiple Choice

Assume you have a credit card with the balance of $1000,and an interest rate of 17% (a common interest rate on credit cards) .Assuming you make no new purchases,but you pay the minimum payment,it would cost you $2590 and it would take you _____ to pay off the debt.


A) 7 months
B) 17 months
C) 7 years
D) 17 years

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