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3/9. Let’s say you use a credit card that has a 17.99% Annual Percentage Rate to buy a cow that costs $3,000.00. Assume you make the minimum payment of either $25 or 2% of your balance. Set up the first five months of the amortization table. How much interest did you pay after two months?.

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3/9

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  1. 3/9

  2. Let’s say you use a credit card that has a 17.99% Annual Percentage Rate to buy a cow that costs $3,000.00. Assume you make the minimum payment of either $25 or 2% of your balance. Set up the first five months of the amortization table. How much interest did you pay after two months?

  3. Total interest after 2 months is $89.72

  4. After 12 years of making payments what is the balance left on the loan? After 144 months the balance left is $1,455.87. How much interest have you paid after 12 months? $525.08 Incidentally, after 144 months you’ve paid $4,622.13 in interest.

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