Question
1. Suppose you have a credit card with a 24.31% APR on purchases. You pay the minimum payment by the statement due date, leaving an
1. Suppose you have a credit card with a 24.31% APR on purchases. You pay the minimum payment by the statement due date, leaving an outstanding balance of $3,200. How much would the balance be 1 day later? Assume that the card compounds daily.
a. $3,200.00 b. $3,264.56 c. $3202.13 d. $3,211.18
2. Suppose you have a credit card with a 24.31% APR on purchases. You pay the minimum payment by the statement due date, leaving an outstanding balance of $3,200. How much would the balance be 30 days later?
a. $3,200.00 b. $3202.13 c. $3,264.56 d. $3,211.18
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Value And Capital Management A Handbook For The Finance And Risk Functions Of Financial Institutions
Authors: Thomas C. Wilson
1st Edition
1118774639, 978-1118774632
