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In: Finance

You have a​ $10,000 balance on your credit​ card, and you want to pay it off...

You have a​ $10,000 balance on your credit​ card, and you want to pay it off in equal semiannual​ (every 6​ months) payments for 5 years. If the card has an​ 11% APR and compounds​ monthly, answer the following​ questions:

​a) What is the effective semiannual interest​ rate?

​b) How much do you pay every six​ months?

​c) How much total interest will you pay by the time​ you've paid off the​ card?

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jeff jeffy answered 5 months ago
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