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Balance and interest rate

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1) You are going to pay off your credit card balance completely by making monthly payments of $100 for the next 2 years. In other words, your balance will reduce to zero when the last (the 24th) payment is made. Your lender charges your balance and interest rate of 4% a month. How much will your credit card balance be immediately before the 23rd payment is made?

Reference no: EM131710617

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