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7. You just received a $1,000 bill for your credit card, which has an annual interest rate of 18%. Your credit card company uses the
7. You just received a $1,000 bill for your credit card, which has an annual interest rate of 18%. Your credit card company uses the previous balance method (i.e. charges interest on the unpaid balance on the first day of the billing period) in order to calculate the interest you owe. Suppose you make a $200 payment tomorrow, and make no new charges to your credit card in the next month. What will be the balance on your next credit card bill (a month from now)? O Comnute the total return and the annual return for ench of the following investments
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