How much interest in total does he pay on credit card debt

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Reference no: EM131300091

Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an iPad for $350. The minimum payment on the card is only $10 per month.

*Using excel functions, answer the following:

a. If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Round to the nearest month.

b. How much interest in total does he pay on his credit card debt?

Reference no: EM131300091

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