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Credit Card Interest

Consider two individuals, each with a credit card. The first person's card carries an annual percentage rate (APR) of 5% on $500 spent monthly. The second person's card has an APR of 1% on $1000 spent monthly. Assume each individual pays off 60% of their monthly statement balance. Over the course of a year, which individual will accumulate more debt?

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Credit Card Interest

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Credit Card Interest

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