Calvin Johnson has a $ debt balance on his Visa card that charges percent APR compounded monthly. In 2009, Calvin's minimum monthly payment is percent of his debt balance, which is $. How many months (round up) will it take Calvin Johnson to pay off his credit card if he pays the current minimum payment of at the end of each month? In 2010, as the result of a federal mandate, the minimum monthly payment on credit cards rose to percent. If Calvin made monthly payments of $ at the end of each month, how long would it take to pay off his credit card?
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Part 1
a. If Calvin made monthly payments of $ at the end of each month, how long would it take to pay off his credit card?

enter your response here months (Round up to the nearest unit.)

A credit card is a thin rectangular piece of plastic or metal issued by a bank or financial services company, that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment.

Credit cards impose the condition that cardholders pay back the borrowed money, plus any applicable interest, as well as any additional agreed-upon charges, either in full by the billing date or over time.

Learn more about Credit Card here,

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