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Determining the fixed rate of interest

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Ford earns $45,000 per year. His salary automatically increases by the inflation rate (as measured by the CPI) every year. He currently owes $12,000 in credit card debt at a fixed rate of interest. If the inflation rate unexpectedly rises from 1.5% to 7% next year, will Ford be better or worse off?

Reference no: EM131904597

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