1. You have $25,000 of credit card debt, and you decide that you will never charge another cent on this card. You pay only the minimum that the credit card company asks you to pay each
month. Your interest rate is 18 percent and the minimum payment is just 2 percent of your balance. How long will it take you to pay off the debt in full if you never charge another cent?
34 years 22 years 8 years 73 years
Answers: 2
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