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OpenStudy (anonymous):
I have to pay off $4298.30 credit card balance and I can only pay the minimum amount each month The minimum payment is calculated as 2% of the balance or $10 (whichever is higher). The interest rate is 20% per year. How much interest would I pay in total to the credit card company over that time. Can you tell me what formula to use to calculate the total interest paid using algebra?
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