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Mathematics, 12.03.2020 07:53 iiWavyArthur

Studies show that the average American has $4,878 in credit card debt with an average interest rate of 12.78% compounded monthly. If it took the average American 20 years to pay off their debt, how much would they be paying total?

Formula to use: y = a * b^x (or a = p(1+r/n)^nt)

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