Multiple Choice
Assume you owe a large balance on your credit card and only pay the monthly minimum payment equal to 1% of the balance. If the annual interest rate on the credit card is 18%, how many years will it take you to pay off the balance assuming you do not make any additional charges to the card?
A) 7.8 years
B) 5 years
C) You will never pay off the balance.
D) Not enough information is provided to determine the time.
Correct Answer:
Verified
Correct Answer:
Verified
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