Karen has a Macy's credit card. The card has a balance of $2088.74 with an APR of

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Karen has a Macy's credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy's expects the minimum payment to be 3.9% of the balance. What is Karen's minimum payment?

How long will it take Karen to pay off her Macy's credit card? How much interest will Karen pay if she only pays the minimum payment? Show steps.

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Cornerstones of Managerial Accounting

ISBN: 978-0176530884

2nd Canadian edition

Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman

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Posted Date: Mar 21, 2023 02:13 AM

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Karen has a Macy's credit card. The card has a balance of $2088.74 with an APR of

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Expert Answer:

To find Karens minimum payment we can calculate 39 of her balance Minimum payment 0039 208874Minimum ... View the full answer

Cornerstones of Managerial Accounting

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