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all the information you need to answer the questions is in the first picture. it's the credit card statement and contains everything you need SEND
all the information you need to answer the questions is in the first picture. it's the credit card statement and contains everything you need
SEND PAYMENT TO Box 1244 CREDIT CARD Anytown, USA STATEMENT 3. The Annual Percent Rate (APR) is defined as the periodic interest rate for a loan multiplied by the number of payment periods per year. Calculate the APR for this credit card. 4. The effective interest rate is the amount of interest you will actually pay on a loan. This is calculated by (1+periodinterestrate)numberoftimesinterestiscalculatedperyear1, then multiply by 100 to get the percentage. Calculate the effective interest rate for this credit card. 5. Work Together: Count the above month as "month 1". Assume we don't use this credit card for new purchases, and that we only pay the minimum amount each month. How many months will it take for us to pay off this credit card in full? (You will need to go through the above process until you get a $0 for the amount owed.) SEND PAYMENT TO Box 1244 CREDIT CARD Anytown, USA STATEMENT 3. The Annual Percent Rate (APR) is defined as the periodic interest rate for a loan multiplied by the number of payment periods per year. Calculate the APR for this credit card. 4. The effective interest rate is the amount of interest you will actually pay on a loan. This is calculated by (1+periodinterestrate)numberoftimesinterestiscalculatedperyear1, then multiply by 100 to get the percentage. Calculate the effective interest rate for this credit card. 5. Work Together: Count the above month as "month 1". Assume we don't use this credit card for new purchases, and that we only pay the minimum amount each month. How many months will it take for us to pay off this credit card in full? (You will need to go through the above process until you get a $0 for the amount owed.)Step by Step Solution
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