Assume that you have a balance of $4000 on your credit card and you make no further charges. If your APR is 22.7% and each month you make only the minimum payment of 5% of your balance, then at which payment will you begin making payments of $30 or less?
A) 58th payment
B) 70th payment
C) 64th payment
D) 68th payment
Correct Answer:
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