What is the effective annual rate of this credit card

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Reference no: EM131549257

Credit card payments

a) How long would it take you (how many payments and how many years) to pay off a credit card with an APR of 17.9 percent if you borrowed $2,025 and make minimum payments of $45 per month?

b) Same question, but use minimum payments of $100 per month.

c) What is the effective annual rate (EAR) of this credit card?

Reference no: EM131549257

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