Question
1. Suppose the credit limit on your credit card is $4,925. What is the largest balance you should carry on this card to maintain an
1. Suppose the credit limit on your credit card is $4,925. What is the largest balance you should carry on this card to maintain an acceptable debt ratio? Please explain.
2. Suppose you pay the minimum payment on your credit card by the due date, leaving an outstanding balance of $1,359. The interest rate on your card is 24.45% APR. If you intend to pay off the balance on the card in 1 month, what will the balance be at that point? Notice that the time is given in months, not days, which changes the value of t in the interest formula:
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Millionaire By Thirty The Quickest Path To Early Financial Independence
Authors: Douglas R. Andrew, Emron Andrew, Aaron Andrew
1st Edition
0446501840, 978-0446501842
