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1) The previous statement for your credit card had a balance of $510. You make purchases of $140 and make a payment of $60. The
1) The previous statement for your credit card had a balance of $510. You make purchases of $140 and make a payment of $60. The credit card has an APR of 23%. What is the finance charge for this month? (Round your answer to the nearest cent.) 2) Assume that you have a balance of $5500 on your Discover credit card and that you make no more charges. Assume that Discover charges 24% APR and that each month you make only the minimum payment of 3.5% of the balance. Find a formula for the balance B after t monthly payments.
2) Assume that you have a balance of $5500 on your Discover credit card and that you make no more charges. Assume that Discover charges 24% APR and that each month you make only the minimum payment of 3.5% of the balance.
Find a formula for the balance B after t monthly payments.
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Core Concepts Of Information Technology Auditing
Authors: James E Hunton, Stephanie M Bryant, Nancy A Bagranoff
1st Edition
0471222933, 9780471222934
