My finance homework gives me a problem that supposes someone has a credit card debt of $ 5000. The APR on that card is 24.5% compounded DAILY. It asks how long will it take to pay off the card making the minimum payment of $ 50/month.
My answer is that they will never be debt free but I’m not sure that is right. Am I correct?
Thanks for your help, and please nobody saying they used a random online calculator.

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