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A Bigbank Visa card charges interest at a nominal rate of 24% per year, compounded daily. If a person has an outstanding balance of $500
A Bigbank Visa card charges interest at a nominal rate of 24% per year,
compounded daily. If a person has an outstanding balance of $500 on this card,
(i) What will be the balance after 1 week, 30 days, 120 days and 365 days, if he makes no
payments in the interim?
(ii) What is the growth factor over 1 day, 1 week, 30 days and 1 year of his debt?
(iii) What is the APR of this card?
(iv) How long before the outstanding balance becomes $1,000?
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Mergers Acquisitions And Other Restructuring Activities
Authors: Donald DePamphilis
9th Edition
0128016094, 978-0128016091
