Amortization-how long will it take him to pay off the credit

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Reference no: EM131496565

(Amortization) Sam has an outstanding balance of $2,050 on his credit card. Due to finanicial constraints, he plans to make the $25 minimum monthly payment. His annual interest rate is 10.5% how long will it take him to pay off the credit card? What will be his balance after making 4.5 years monthly payments?

Reference no: EM131496565

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