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(Solved): A career counselor decides to make monthly payments of $150 on credit card debt of $3,447.67 and dis ...



A career counselor decides to make monthly payments of $150 on credit card debt of $3,447.67 and discontinue using that credit card. Assuming the monthly interest rate is 1.65%, it will take the counselor approximately 30 months to repay the debt. How many fewer months would it take to repay the debt if the counselor makes monthly payments of $200? (Round your answer to the nearest month.)



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The answer to this question is approximately 21 months. To explain how this number was calculated, it is important to understand the concept of compou
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