What is the total interest you would pay on the debt

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Reference no: EM131836048

Suppose you have a credit card debt of $27,000.

How long (in years) will it take to repay the debt by making only the minimum monthly payments?

What is the total interest you would pay on the debt?

The interest rate is 19.99% per year, compounded monthly. The minimum monthly payment is 2% of the outstanding amount (principle and interest) or $10, whichever is greater.

Reference no: EM131836048

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