Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Last month the average daily balance on Caitlins credit card was $1854.85 that there were 28 days in that month and her annual interest rate was 17.3% what is the amount of interest that she will pay on her credit card that month
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- 5 Suppose Anita has a credit card with an APR of 16% compounded monthly. Her current monthly credit card statement shows a balance of $400, in response to which she pays $80.00. In the following month (month 1), she makes charges amounting to $185. When she receives her next statement, Anita makes a payment of $100.00 to reduce the new balance, and the next month (month 2) she makes charges totaling $75.00. Complete a table like the following. Month 1 Month 2 Previous Balance Payments Purchases Finance Charge New Balancearrow_forwardThe previous statement for your credit card had a balance of $570. You make purchases of $130 make a payment of $80. The credit card had an APR of 24%. What is the finance charge for this month?arrow_forwardKathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $641.17 $11.22 $31.45 $85.00 $598.84 May $283.33 $135.00arrow_forward
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