Question
3. A. You have a credit card with an APR of 36%. The card requires a minimum monthly payment of 5% of the balance. You
3.
A. You have a credit card with an APR of 36%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $9000. You stop charging and make only the minimum monthly payment. What is the balance on the card after five years? (Round your answer to the nearest cent.)
B. You have a credit card with an APR of 27%. The card requires a minimum monthly payment of 8% of the balance. You have a balance of $8300. You stop charging and make only the minimum monthly payment. What is the balance on the card after fifty months? (Round your answer to the nearest cent.)
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Financial Management
Authors: P V V Satyanarayana
1st Edition
9350568012, 9789350568019
