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You have a credit card with a balance of $1,367 90 at a 95% APR. You pay $400.00 each month on the due date until the card is paid off. How many months does it take to pay off the card, and what is the total amount paid including interest?
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APR is the annual interest rate. It's like the annual fee for your borrowing. exist In other words, APR is the annual interest rate applied to the outstanding balance of a credit card. For example, if the monthly interest rate is 4%, the APR of the card is 48%. However, credit card interest is charged on the outstanding monthly balance.
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