1) Credit card debt can grow at a fast rate when not paid off. Using the compound...

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1) Credit card debt can grow at a fast rate when not paid off. Using the compound interest formula determine the following: a) Determine the amount of money owed if the original balance was $4,500.00 at an annual rate of 24.99%, compounded daily, over a 10 year period. (3 marks) b) Determine the annual interest rate if the original balance was $10,000.00 and the ending balance is $15,000.00. The balance was compounded monthly for 8 years and 3 months. (4 marks)

Posted Date: Jun 07, 2024 09:11 PM

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1) Credit card debt can grow at a fast rate when not paid off. Using the compound...

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