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Pay off the balance of the card

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The Howards have unfortunately acquired approximately $5,000 in credit card debt and are trying to figure out how much interest they would save if they were to pay it off in two years instead of paying the minimum payment of $100 each month. Knowing their APR is 14.5% and assuming they would no longer add more debt to the card, what would their payment need to be in order to pay off the balance of the card in two years?

Reference no: EM131097764

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