Multiple Choice
You charged $1,000 on your credit card for Christmas presents.Your credit card company charges you 26% annual interest,compounded monthly.If you make the minimum payments of $25 per month,how long will it take (to the nearest month) to pay off your balance?
A) 94 months
B) 79 months
C) 54 months
D) 40 months
Correct Answer:
Verified
Correct Answer:
Verified
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