Short Answer
Mike saw a new ebook reader advertised in the newspaper for $160. How much would he pay his credit card if he paid 1% interest each month and paid it all off after one month? If he paid half in one month and the other half the next month? If he paid it off in three month of equal installments? In four months? In twelve equal installments? Work in small groups to see if you can find a pattern in solving the problem.
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