whats the answer to number 1? QUESTION 1You have a credit card with an APR (Annual Percentage Rate) of 12%. You begin with a balance of $200, in response to which youmake a payment of $75. The first month you make charges amounting to $50. You make a payment of $75 to reduce the newbalance, and the second month you charge $60. Previous balances, payments and purchases for the months 1 and 2 are given in thetable below:Month Previous BalancePayment Purchases Finance ChargeNew Balance$200$75$50a:$b:$24$75$60C:$d:$What are the values of finance charges a, c and the new balances b, d for the months 1 and 2?

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whats the answer to number 1?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 9FPE

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