Suppose a person has a total credit card debt of $1,380 that has a 15 % yearly interest rate. This person also has a savings account with $3,000that pays 3 % interest per year. Despite the net loss, the person keeps both.Calculate how many times the person appreciates the $1 of savings more than $1 of credit card debt if the person relates similarly to both values ofpercent paid and received. Enter your answer in the box below and round to two decimal places if necessary.Answer 2 PanE KeypadKeyboard Shortcutstimes

An interest rate is defined as the amount charged on the principal amount by the lender to a…

Suppose a person has a total credit card debt of $1,380 that has a 15 % yearly interest rate. This person also has a savings account with $3,000 that pays 3 % interest per year. Despite the net loss, the person keeps both.

Suppose a person has a total credit card debt of $1,380 that has a 15 % yearly interest rate. This person also has a savings account with $3,000 that pays 3 % interest per year. Despite the net loss, the person keeps both.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose a person has a total credit card debt of $1,380 that has a 15 % yearly interest rate. This person also has a savings account with $3,000
that pays 3 % interest per year. Despite the net loss, the person keeps both.
Calculate how many times the person appreciates the $1 of savings more than $1 of credit card debt if the person relates similarly to both values of
percent paid and received. Enter your answer in the box below and round to two decimal places if necessary.
Answer 2 Pan
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