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You have a credit card balance of $1,300. Payments made to the company are applied to interest first and then to balance. The interest is calculated on the balance you owe. Your credit card carries an annual rate of 22.5%. If you make one monthly $25 payment, how much will go toward the balance owed after the interest is deducted from the payment?

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You have a credit card balance of $1,300. Payments made to the company are applied to interest first and then to balance. The interest is calculated on the balance you owe. Your credit card carries an annual rate of 22.5%. If you make one monthly $25 payment, how much will go toward the balance owed after the interest is deducted from the payment?






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