You owe 25,000 on a credit card that changes 1.5% interest each month. You can pay 2,500 each month with no new charges. Build a numerical solution. When will the account be paid off? How much is the last payment?

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Q: You have $400,000 saved for retirement. Your account earns 7% interest. How much will you be able to…

A: We have to solve the given problem.