Your credit card charges an interest rate of 2% per month. You have a current balance of

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Your credit card charges an interest rate of 2% per month. You have a current balance of $1000, and want to pay it off. Suppose you can afford to pay off $100 per month. What will your balance be at the end of one year?

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Corporate Finance

ISBN: 978-0133097894

3rd edition

Authors: Jonathan Berk and Peter DeMarzo

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Question Posted: Aug 06, 2014 07:16 AM

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Your credit card charges an interest rate of 2% per month. You have a current balance of

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